As you prepare for retirement, it is critical that you prepare your estate plan for your retirement as well. Oftentimes, estate planning is a drastically overlooked part of retirement, and we are here to say that you should not make the same mistake. If you are someone who is now looking to retire and wish to update your estate plan accordingly, please continue reading and reach out to our experineced Maryland estate planning attorneys to learn more about estate planning and what we can do for you. Here are some of the questions you may have:
What aspects of retirement should I consider in my estate plan?
If you are getting ready to retire, the two primary aspects of your estate plan you should focus on, outside of creating trusts and wills. They are as follows:
- Powers of attorney: Powers of attorney are fantastic tools for individuals who wish to give a trusted party the right to make critical life decisions on their behalf, should they become incapacitated, or are unable to do so themselves at some point. Powers of attorney can allow certain people to manage your finances, make certain key medical decisions, and more, for you.
- Beneficiary designations: If you are looking to retire, one of the most important things to account for is establishing beneficiary designations, wherein you can update beneficiaries on your life insurance, retirement plan, and pay-on-death designations. You have the option of creating both of these plans together so you only have to do so once.
Why do I need to create an estate plan?
Creating a comprehensive estate plan is something everyone must do in their lifetime so their finances and loved ones will be taken care of after you pass. There are various critical estate planning documents available, including wills, trusts, and. You can also create what is known as an advance healthcare directive, wherein you can give certain family members the right to make critical medical decisions on your behalf if you are unable, such as whether you should go on a ventilator. If you have any additional questions regarding estate planning and retirement, please do not hesitate to give our knowledgeable Maryland estate planning attorneys a call today. We have helped countless individuals receive the peace of mind they deserve over the years, and we are ready to do the same for you.
Contact our experienced Montgomery County, Maryland firm
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.