3 Estate Planning Tips for the Newly Retired

  • Illinois Probate Law
3 estate planning tips for the newly retired | estate and probate legal group

You may have been working towards this point in your life since you were 15 years old… retirement. It’s time to relax, time to travel, time to visit loved ones, and time to update your estate plan. It’s good to update your estate plan every 3-5 years or after any major change in your life. Estate planning and retirement should always go together.

3 Estate Planning Tips for the Newly Retired

Much has changed now that you’re retired. It’s the perfect time to review and update your entire estate plan. It may not be your first thought when you retire, but estate planning and retirement should go hand-in-hand. Whether retiring at 55 or 75, here are 3 estate planning tips to make sure you’re prepared.

1. Do You Have All the Needed Documents?

An estate plan should include a will, power of attorney and health care directive at the bare minimum.

  • Will
    Do you need to update beneficiaries in your will? Are there any assets you have bought or sold that need to be changed in the will? Have you downsized and changed homes?
  • Power of Attorney
    The POA is someone you trust completely to pay your bills and take care of everything if you become incapacitated. Can you keep the same-named person, or should that be changed?
  • Health Care Directive
    An advanced health care directive lets your loved ones and doctors know your medical wishes. If you become temporarily incapacitated or nearing the end of life, it’s best to have these wishes known ahead of time.

2. Do You Need to Establish a Trust?

Now that your income has changed, it may be tax-wise to establish a trust. It is common to have both a will and a trust in your estate plan. A trust will help protect your estate plan and reduce taxes for your beneficiaries. Based on your unique situation, you can customize your trust exactly as you need it.

3. Talk With Your Loved Ones

It can be hard to start a conversation regarding your death. But once you get going, people will be happy to know your plans. You can discuss what the will or trust includes. It’s best if everyone understands who is to be your Power of Attorney. And telling people now your end-of-life wishes helps take the decision-making burden off of them.

Let your family know who your estate planning attorney is. This will help when you have passed. The attorney can help with the will, trusts and all other required documents.

Oak Brook Estate Planning Attorney

An Illinois estate planning lawyer can help you review and update your estate plan. To talk to a qualified attorney in the Chicago area, contact the Estate & Probate Legal Group at 630-864-5835. 

We serve Cook, DuPage, Kane, Lake and Will counties.