When you are approaching retirement with an estate plan in place, it can be an exciting time in your life. Because you have prepared, you will be free to spend your days as you wish, without worrying about your assets.
Having an estate plan is wise, but make sure it still protects your assets and allows you to live comfortably. We have discussed updating estate plans on several occasions in our blog. This time, we wanted to discuss why retirement-aged Columbia, Maryland residents may need to take this step.
What to consider as you approach retirement
Once you near retirement, it is time to look at your life differently. You will no longer earn a paycheck and must find ways to receive income without depleting your retirement assets. Estate planning can help in this endeavor. Managing your estate wisely enables you to enjoy your retirement while continuing to protect your assets. Consider the following when deciding when to make changes before, during and after retirement:
- Your health prospects: As you age, your health can change. See a doctor regularly to anticipate any health problems and keep your plan’s advance medical directives updated.
- Will and insurance beneficiaries: Retirement is also the right time to review your insurance policies and your will. Make sure your policies and your will list the same beneficiaries to avoid possible conflicts.
- Receiving an income: At some point after you retire, you will begin accessing your retirement funds for income. Retirement marks the ideal time to go over your estate plan if you intend to receive funds from these accounts.
Learning more about updating your estate planning documents can make a difference in your way of life before, during and after your retirement. An experienced legal advocate can offer invaluable guidance as you proceed.