Estate planning in your 20’s is a far cry from estate planning after retirement. Your life stage, combined with a variety of other details, will determine the decisions you make, the questions you ask, and how you create a plan you are comfortable with.
Whether or not your estate plan changes after retirement is based on a number of factors. Even if you have plans on keeping everything the same, here is something to remember: there is never a bad time to review your estate plan, as you never know what you will find.
Since you are no longer working, there is a good chance your financial situation has changed. For example, you may no longer be receiving life insurance through your employer. Does this change your estate plan in any way? Does it mean you should alter the beneficiary listed on your individual life insurance policy?
Another thing to consider is your personal life. While you may have been married for many years while you are working, this could change at any time later in life. For instance, your spouse could pass away or you could move forward with a divorce. These aren’t details you like to think about, but they can greatly alter your financial situation and estate plan.
There is no rule stating that your estate plan has to change after you retire. Most people find that it can remain pretty much the same, but you won’t know for sure until you take a closer look.
If you are concerned about making a mistake, if you believe that your estate plan needs to change, don’t hesitate to review your situation and consider what the future holds. We are more than willing to provide you with the advice and guidance you require to make decisions you and your family will be comfortable with. Contact us for more information.
- The Questions of Estate Planning, Part 6: Why - January 6, 2020
- The Questions of Estate Planning, Part 5: How - January 2, 2020
- The Questions of Estate Planning, Part 4: Where - December 30, 2019
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