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Retiring? It’s time to revisit your estate plans

On Behalf of | Dec 16, 2022 | Estate Planning

Reaching retirement is a big milestone in life and one that should be celebrated. You’re probably looking forward to finally having the time to spend doing all the things you love and getting some well-needed rest and relaxation. 

Planning for retirement, however, can be a lot of work in itself. You need to make sure you have everything in place so that you’re financially sound and can afford the lifestyle you want. In the few years before you retire, therefore, it’s important to revisit your estate plan and make sure it still works for you. 

What do your children need?

When your children are young, you can try to anticipate how much money and help they might need from you when they reach adulthood. By the time you reach retirement age, their needs may look completely different from what you’d expected. Something that is hard to plan for is when your children have special needs and require significant care. 

The difference in circumstances when you reach retirement age may mean that you wish to change what you leave your heirs in your will. You may also need to consider other available options such as putting inheritances into a trust. 

Should you rethink your investments?

As you reach retirement age, you may wish to be more cautious with your investments and you will probably need to start drawing on your retirement funds. You will also need to take into account the fact that you will no longer be earning a regular wage and that this money has to last you a long time. You might want to take some advice on managing your money now that your situation looks a lot different from how it did before. 

But investments also require estate planning tactics in order to minimize taxation within the limits of the law. You may want to reconsider your designated beneficiaries and look into the possibility of using your investments to fund trusts after you’re gone.

Going through your estate plan can be a long task that feels difficult and overwhelming. It doesn’t need to be. Having some legal assistance with the process can make it much more manageable.