Retirement is a time to enjoy the fruits of your labor and spend time with loved ones. However, it’s also important to make sure that your assets are protected and that your wishes are followed after your death. An estate plan can help you protect your assets and ensure that your beneficiaries receive their share of your estate.
Here are some tips on how to protect your assets in retirement with an estate plan:
- Create a will: A will is a legal document that outlines how you want your assets to be distributed after your death. It’s important to work with an experienced and qualified estate planning attorney to create a will that reflects your wishes or to decide if a will is your best option.
- Establish a trust: A trust is a legal arrangement that allows you to transfer your assets to a trustee, who manages them on behalf of your beneficiaries. Unlike a will, a trust does not have to go through the court-based probate process. A trust can help protect your assets from creditors, lawsuits, and other risks.
- Plan for incapacity: It’s important to plan for the possibility that you may become incapacitated and unable to make decisions for yourself. An estate plan can include provisions for who will make decisions on your behalf in such a situation.
- Consider long-term care planning: Long-term care can be expensive, and it’s important to plan for the possibility that you may need it in the future. An estate plan can include provisions for how your long-term care will be paid for.
- Update your estate plan regularly: Life is unpredictable, and circumstances can change over time. It’s important to update your estate plan regularly to ensure that it reflects your current wishes and circumstances.
In conclusion, an estate plan can help protect your assets in retirement and ensure that your wishes are followed after your death. To get started, consult with an experienced and qualified estate planning attorney to learn more about your options and the best path forward.
Timothy P. Murphy is an estate planning and elder law attorney whose practice emphasizes helping people to build, preserve and pass on their wealth. He works with his clients to accomplish their goals while avoiding unnecessary court proceedings and minimizing or eliminating exposure to death taxes.
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