Estate planning gets a lot different once you’re retired. Indiana residents might notice some significant changes after they’ve retired and it’s important that those changes are reflected in their estate plan.
WHAT’S ONE OF THE MOST IMPORTANT THINGS FOR RETIREES TO LOOK INTO?
It’s important to have an estate plan regardless of if you’re retired or not. Most of the time, retirees have life insurance policies through their former employer.
These are considered part of the estate planning process, but they shouldn’t be treated as an estate plan in and of themselves. Even still, most retirees can forget to update these plans once they retire.
It’s important to make sure that any life insurance policies are up to date with good beneficiaries. Sometimes ex-spouses can be accidentally left on as beneficiaries to life insurance policies and other parts of the estate plan, which can cause emotional distress and confusion for your loved ones if it isn’t updated before your passing.
WHAT ROLE SHOULD YOUR FAMILY PLAY IN ESTATE PLANNING?
It’s important to keep your family in the loop with what you’re planning. As you get older, it might be harder to make some of these decisions for yourself.
Keeping your family involved with your decisions and the estate planning process can help ensure there are no surprises upon your death. It can also give you a clearer understanding of what your family might need after you pass.
HOW OFTEN SHOULD YOU UPDATE YOUR ESTATE PLAN?
Your estate plan should be updated with every single life event that you go through in your life. Divorce, marriage, new children or grandchildren, new purchases are all great reasons to update your estate plan.
In addition, you might consider updating your estate plan if your financial situation changes. After you retire, money might be tight and that could result in fewer assets being available than there was when you created the estate plan originally.
Most importantly, you understand every part of your estate plan. You can work with your lawyer and family to get a better understanding of your plan.