Why Do I Need to Make an Estate Plan Before I Retire?

If you are intending on retiring in the near future, you should also be arranging your estate plan. This is often an overlooked part of retirement, but you should not make this mistake. Such planning should go beyond your will and trust, as well. Continue reading to understand the importance of working on your estate plan upon retirement and how an experienced Montgomery County estate planning attorney at JDKatz, P.C. can help you in executing this.

Why should I make my estate plan before I retire?

Making a comprehensive estate plan is recommended for everyone to do in their lifetime. Put simply, this plan ensures that your finances and loved ones will be taken care of once you pass on.

One of the critical estate planning documents available to you upon your retirement is your will. This document, if valid, allows your assets to be distributed to your liking and prevents them from falling into the wrong hands via the state of Maryland’s intestate process.

Another important document to handle before your retirement is your trust. A trust simply creates a contract between your estate and a third party that is in charge of the administration of your trust, known as the trustee. The trustee of your trust has a fiduciary duty to the beneficiaries of your trust. If completed correctly, this allows your beneficiaries to maximize their inheritance and allows the probate process to move more efficiently.

What aspects of my estate plan should I work on before I retire?

Aside from creating your will and trust, there are other aspects of your estate plan that you should work on before it is too late.

For instance, before you retire, you should prioritize arranging your powers of attorney. This is an essential facet of your estate plan should you become incapacitated or otherwise unable to make decisions for yourself, as it gives a trusted party the right to make critical life decisions on your behalf. These can be financial or medical decisions, among others.

Additionally, it would be best if you worked toward finalizing your beneficiary designations. With this, you can update beneficiaries on your life insurance, retirement plan, and pay-on-death designations.

Notably, one of our skilled Montgomery County, MD estate planning attorneys can assist you in creating both your powers of attorney and beneficiary designations. Hence, so you only have to do so once. If you have any additional questions regarding estate planning and retirement, please do not hesitate in giving our firm a call today.

Contact our experienced Maryland firm

Our firm has experience with matters of estates & elder law, business law, tax law, and litigation. Contact JD Katz, PC today for assistance.