People choose to set up estate plans at different points in their lives. Some may create a trust or a will during their younger years, while others may wait until they are much older. Some people may choose to create an estate plan after the birth of their child, and retirement is another turning point in life which may result in the development of an estate plan. There are a handful of reasons why retirement is a great time to set up an estate plan, from financial changes and concerns about one’s future estate to more free time.
If you have recently retired, you may be thinking about how to protect the assets that you have acquired over the years and an estate that you have worked so hard for. Or, perhaps you are thinking about when to retire and this has also made you focus on your estate. Either way, you should not push off setting up an estate plan, since doing so can offer a number of benefits. Not only will your estate be protected in the event that something unexpected happens, but you may also find some peace in knowing that you have taken the necessary steps to protect your assets and provide for those you love in the future.
If you have just retired, you might have more free time and you may be taking a second look at your finances. This is a perfect time to set up an estate plan and you should go over all options carefully.