Why Should I Create an Estate Plan for Retirement?

It is important that you update your estate plan when preparing for retirement. To learn why, continue reading and reach out to our firm to speak with an experienced Woodland Hills, California estate planning attorney.

Should I include retirement in my estate plan?

If you are planning your retirement, you will want to make sure that you create or revisit your estate plan. You should do this for the following reasons:

  • Powers of attorney: When approaching retirement, it is necessary to have powers of attorney in place on the occasion that you need another party to manage your financial affairs or medical decisions because you are unable to do so yourself. It is best to ensure that these individuals are people you know and trust to carry out these critical matters.
  • Beneficiary designations: Planning for retirement and an estate plan involves reviewing and updating your beneficiaries on life insurance, retirement plans, and any pay-on-death designations. By creating these plans together, you only need to make these designations once and use them for both plans.
  • Complementary planning assures that the right plan is made. By considering your estate plan while preparing for retirement, you can be sure that 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 moment arises.

What is the benefit of an estate plan?

Life is unpredictable. That is why it is critical to have a comprehensive estate plan no matter what stage of your life you are in. By doing this, you can rest assured knowing that you have a plan in place for the unexpected. Without a proper estate plan for the wishes you have, your estate can end up in the hands of the state, which would then be distributed based on a succession schedule. It is also important 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 too.

Contact a Woodland Hills, California estate planning attorney to provide you with the assistance you need. Our legal team is on your side.

Contact our Firm

Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Offices of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.

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