Should Your California Retirement Plan Include Estate Planning?

There are many different levels to preparing for retirement. When getting ready for this time in your life, it requires you to understand your future income and lifestyle. It is because of this that retirement planning should include estate planning as well. Continue reading below to learn more and contact an experienced California estate planning attorney for guidance in dealing with these matters.

Why Should I Create an Estate Plan for Retirement?

If you are getting ready to retire, it is an important time to either create or revisit your existing estate plan. The following are reasons why:

  • Beneficiary designations: Both planning for retirement and an estate plan involve reviewing and updating your beneficiaries on life insurance, retirement plans, and any pay-on-death designations. By doing these plans together, you only need to make these designations once and apply them to both plans.
  • Powers of attorney: When nearing retirement, it is important to have powers of attorney in place in the event that you need another party to handle your financial affairs or medical decisions because you cannot do so yourself. It is best to be sure these individuals are people you know and trust to carry out these crucial matters.
  • Complementary planning ensures the right plan is created. By considering your estate plan while preparing for retirement, you can ensure there are no problems with beneficiaries and inheritances. Naming direct beneficiaries of a retirement account can sometimes cause future problems. By taking your estate plan into account at the same time, you can be sure that your wishes will be fulfilled when the time comes. 

Why is an Estate Plan Important?

No one is able to predict what may happen tomorrow. It is because of this that it is crucial to have an estate plan at any time in your life. Doing so allows you to be sure you have a plan in place for any possibility. Without a proper estate plan for the wishes you have, your estate can end up in the hands of the state, which can then be distributed based on a succession schedule. It is also crucial to update these plans from time to time so that they change as your life does. It is because of this that retiring is the perfect time to revisit your estate plan as well. Contact an estate planning attorney to provide you with assistance during this time.

Contact our Firm

Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most.Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.