Preparing For Retirement Financially? Make Sure Your Estate Is In Order

Nearing retirement can bring a lot of joy and relief, but it's also important to make sure that you are properly prepared. This means that you have everything planned out financially, and you have everything prepared if something were to happen to you.

If you are getting ready to retire and you are alone, you want to meet with an estate planning attorney. This is a great option to help you figure out what you need to do make sure there isn't a list of complications if something happened and you passed. Talk with the attorney about these different things.  

Financial Summary and Plans

You want to talk with the lawyer about these things so that you know everything in the estate is managed, and that leftover funds or assets are distributed as you'd like:

  • Savings accounts, trusts, and all cash or other funds
  • Properties
  • Jewelry
  • Automobiles or recreational vehicles
  • Property of the estate like furniture and home items

Once you have a list of everything you can start dividing it out with who you would like the things to go to, or if you want things sold and divided.

Funeral or Final Wishes

Money should be set aside for your final arrangements. Detail if you want cremation or burial, what type of service you want if any, and where you want your remains to go. Then the lawyer can help you budget for it, arrange for the money to come out of life insurance or savings, and make sure that this is what happens.

Assisting People

Someone who is your family member or close friend should be named as the executor of the will. This means that the person will work closely with the lawyer to follow through with your wishes. If you don't have someone or don't want to appoint someone, you can pay to have the lawyer do this as well. You also want to name someone as your medical power of attorney. If something were to happen to you and you were unable to make a medical decision for yourself in an emergency, they would do this for you.

If you are nearing retirement and you think that you have everything planned out as you need when it comes to finances, make sure that you also have everything with your estate squared away. This way you don't have to stress anymore, and you can move forward knowing everything will be managed. Contact an estate planning firm, like Abom & Kutulakis LLP, for more help.