What to Know About Estate Planning for Retirement

It is important that you prepare your estate plan if you are looking to retire soon. Estate planning can be overlooked when preparing for retirement. This is why it is important to retain the services of an experienced Maryland estate planning attorney who will walk you through the documents you will need to prepare to ensure your future is covered. To learn more about creating an estate plan and the aspects of retirement that should be considered your state plan, continue reading and contact our dedicated firm.

What aspects of retirement should I consider in my estate plan?

The two primary aspects of your estate plan that you should focus on when getting ready to retire are as follows:

  • Powers of attorney: Powers of attorney allow individuals to give a trusted party the right to make critical life decisions on their behalf if they become incapacitated or unable to do so on their own. Powers of attorney allow certain individuals to manage finances, make certain key medical decisions, and more on your behalf. 
  • Beneficiary designations:  One of the most important things to account for is establishing beneficiary designations. This will allow you to update beneficiaries on your life insurance, retirement plan, and pay-on-death designations. You can create both of these plans at the same time.

Why do I need to create an estate plan?

Everyone must create a comprehensive estate plan in their lifetime to allow their finances and loved ones to be taken care of when they pass. There are various estate planning documents that will complete an estate plan such as a will and trust. You can also create an advanced healthcare directive that will give certain family members the right to make critical medical decisions on your behalf if you become unable to do so yourself.

If you have any additional questions about estate planning for retirement, our Maryland estate planning attorney is prepared to assist you through each step of the process ahead. We have assisted countless clients just like yourself. We want each of our clients to receive the peace of mind they deserve over the years. We are prepared to do the same for you. To learn more about our services and how we can assist you and your retirement plan, give our firm a call today. We would be happy to schedule your initial consultation with our legal team.

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.