Retirement and estate planning aren’t always easy topics to consider. But, thorough planning now will make for a smoother transition in the future. Whether you don’t have a plan, or it’s simply been years since you’ve updated your plan, getting involved in the process now is important.
5 estate planning tips from Thornton Law Firm for Triangle residents approaching retirement are:
- Write a Will. It probably sounds more intimidating than it is, but it’s just a document that designates how assets are distributed at the end of life. It also can be beneficial for naming guardians of children or setting up trusts.
- Draft a Living Will. A living will can provide end of life care instructions so family members. This ensures family won’t be left with those decisions to make.
- Choose a Power of Attorney. In the event that an accident or illness prevents you from making decisions in the future, designating a power of attorney is beneficial. They will be able to step in and take care of any financial or legal issues that arise. This individual will also be able to make health care decisions for you.
- Review Social Security Options. As you approach retirement, review the Social Security benefits available and think about what age you want to start collecting. Start by having a clear assessment of current financial situations, as well as future projections. This will aid in deciding how to allocate the Social Security benefits wisely.
- Settle All Financial Affairs. A mortgage, student loans, or other debts can leave a burden behind for a family that is still grieving the loss of a loved one. Prior to retirement, it’s best to have as many of your financial commitments squared away. This can prevent any surprises down the line.
So, where do you stand now? Whether you need to review old drafts to make sure they’re accurate and reflect your current wishes, or if you need to start from scratch I am happy to give insight into the process and explain legalities. Contact me, Chad Thornton, of Thornton Law Firm in Raleigh to ensure your retirement is a time of peace.
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