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