When a person is preparing for retirement, there are many different things that should be done so that you are ready. Part of this includes understanding your future income and lifestyle. It is because of this that during retirement planning, you should consider estate planning as well. Whether you already have an estate plan or need one to retire, continue reading below to learn more about its importance and contact an experienced New York estate planning attorney for guidance.
Why is Estate Planning Important for Retirement?
If you are gearing up to retire, there are a variety of reasons as to why it is important to either create an estate plan or visit your already existing plan. This can include the following:
- Beneficiary designations: When planning for retirement and an estate plan, it involves reviewing your beneficiaries on life insurance, retirement plans, and any pay-on-death designations. If necessary, these can be updated. By going through these plans together, these designations only need to be made and applied to the plans once.
- Powers of attorney: Powers of attorney should be in place when approaching retirement just in case another party is needed to handle certain matters on your behalf. This can include financial affairs or medical decisions. These individuals should be people you know and trust.
- Complementary planning ensures the right plan is made. Not every person’s plan is the same, and by considering both retirement and estate planning at the same time, you can make sure they are cohesive and no problems arise. 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 desires will be taken care of properly.
Why is an Estate Plan Important?
Life is unpredictable. It is because of this that it is important to have an estate plan ready at any point of time in your life. This ensures you are prepared for the unexpected, such as incapacitation or death. Without an estate plan, your estate can end up in the hands of the state. When this happens, it is then distributed based on a succession schedule and not what you would have wanted for your loved ones. This makes retirement as good of a time as any to either create or revisit your estate plan. In doing so, it can be beneficial to retain the services of an attorney who can guide you through the matters.
Contact our Firm
The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.