To learn more about retirement estate plans, reach out to our skilled Rockland County wills, trusts, and estates attorneys today. Our legal team is equipped with the knowledge and experience required to ensure that your future is protected.
What aspects of retirement should I consider in my estate plan?
If you would like to retire, you will want to bring your attention to two important elements of your estate plan aside from your wills and trusts. They include:
- Powers of attorney: With the help of a power of attorney, individuals who would like to give a trusted party the right to make significant life decisions on their behalf, if they become incapacitated, or are unable to do so themselves. Powers of attorney can permit specific people to handle your finances, make certain key medical decisions, and more.
- Beneficiary designations: When preparing for retirement, one of the most important things to account for is selecting beneficiary designations, where you can update beneficiaries on your life insurance, retirement plan, and pay-on-death designations. Because of this, you have the power to ensure that both of these plans are so you only have to go through the process once.
Complementary planning makes sure that the right procedure is completed. 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 wishes will be taken care of appropriately.
What is the importance of an estate plan?
Having an estate plan at any stage in life is important to ensure that your assets are protected no matter what. With a comprehensive estate plan, you can be confident knowing that you are prepared for the unexpected. Without an estate plan, your estate can end up in the hands of the state. When this occurs, it is then allocated based on a succession plan and not what you would have wished for your loved ones. Because of this, retirement is a great time as any to either create or revisit your estate plan. Because of this, it can be helpful to retain the services of a Rockland County wills, trusts, and estates attorney who can guide you through this important process.
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.