Have you been putting off your estate plan? It can be hard to focus early in life on what to do with your assets. The very thought of no longer being around for your family is hard to approach, but once you reach retirement the need to have complete a full estate plan begins to feel very real.
It’s never too late to create plan. If you have been putting off creating a will or establishing how your assets will be divided up after you are gone, there’s no better time to start. Here are some steps you should take.
Create a will
Most people want to keep their assets in the family. One of your first steps should be to create a will. Or, if you already have a will in place, to make sure it is updated. Your family may be growing with children getting married and grandchildren coming into the picture, and it is important to ensure your will reflects all the changes in your life.
Consider a trust
Trusts can be a great option for people with larger assets. These can be complex documents, but trusts can also help you have more control over how your assets are distributed.
Keep tabs on your retirement accounts
If you have a 401k or an IRA, you’ll want to make sure you understand how your funds are distributed. There are different tax implications for different kinds of accounts, and understanding the distribution process will help you ensure your retirement funds go to the beneficiaries you choose.
If you are nearing retirement, or have already retired, it’s a great time to take a look at your estate plan.