Call Today to Schedule an Appointment

Local 410-505-8680
Toll Free 888-523-6081

Law Offices Of Dwight W. Clark L.L.C.
Law Offices Of Dwight W. Clark L.L.C.

Call Today to Schedule an Appointment

Local 410-505-8680 | Toll Free 888-523-6081

Effective And Affordable Legal Services

Estate planning checklist for when you’re approaching retirement

On Behalf of | Apr 11, 2024 | Estate Planning |

As you approach the golden years of retirement, thoughts naturally turn to relaxation, travel and quality time with loved ones. But amidst the excitement, it’s crucial to address a less glamorous yet equally important element of planning – your estate.

A well-thought-out estate plan can help ensure your wishes are carried out after you’re gone. This can help minimize stress and confusion for your family during an emotional time.

Take inventory

The foundation of any estate plan is a clear understanding of your assets and liabilities. You can gain this much-needed clarity by gathering documents related to your:

  • Bank accounts
  • Investment portfolios
  • Real estate holdings
  • Retirement plans (401(k), IRAs, etc.)

Don’t forget valuables like jewelry, artwork or collectibles. It would help if you also listed your debts, including mortgages, car loans and credit card balances. This inventory can provide a roadmap for how your estate will be distributed.

Beneficiary review

It’s important that you review beneficiary designations on your retirement accounts and life insurance policies. These designations often override your will, so confirm that they align with your current wishes. Consider naming multiple beneficiaries or contingent beneficiaries in case your primary beneficiaries predecease you.

Craft your will

A will is a legal document that stipulates how you want the wealth you accumulated throughout your life to be distributed after your death. It can allow you to name an executor, the person to whom you give legal authority for carrying out the terms of your will. You can also go the extra mile to appoint guardians for minor children and specify how you want specific assets handled.

Estate planning may seem daunting, but by tackling it in manageable steps, you can achieve peace of mind knowing your legacy is secure. Seeking legal help to come up with a well-crafted plan can help to ensure that your assets are distributed as you intend. This can minimize legal complexities for your family and allow them to focus on grieving and celebrating your life.