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Estate Planning for the Retiree
- Anselmo & Wojcicki
- Apr 15
- 3 min read
Estate Planning Must-Haves as You Enter Retirement
Retirement—finally! The years of grinding away at work are behind you, and now it’s time to enjoy the life you’ve been planning for. But before you get too comfortable, there’s one more thing to check off your list: ensuring your estate plan is solid. Taking the time to organize your affairs now means you can truly enjoy your golden years with peace of mind. Here’s what you need to have in place.
Fund Your Trust
A trust isn’t just a legal document—it’s a strategy to protect your assets, avoid probate, and streamline the transition of your wealth to your beneficiaries. Funding your trust means transferring ownership of key assets—like real estate, bank accounts, and investments—into the trust’s name. Without this step, your trust is just a piece of paper, and your estate could still be subject to probate. Work with an estate planning attorney to make sure your trust is properly funded and up to date with your current assets.
Update or Create a Living Will
A living will ensures your medical preferences are clear, eliminating uncertainty for your loved ones if you become incapacitated. This document outlines your wishes regarding life-sustaining treatment, resuscitation, and other critical healthcare decisions. If you created a living will years ago, now is the time to review and update it to reflect any changes in your health, family dynamics, or medical advancements.
Assign Your Executors and Directives
Your estate plan isn’t just about documents—it’s about people. You’ll need to appoint key decision-makers:
Financial Power of Attorney (POA): This person manages your financial affairs if at any time you become unable to do so while living.
Executor: This individual has the same tasks as the Financial POA, but they do not have any power to do so until your death. This person ensures your estate is distributed according to your wishes after your passing as well as pays your bills and settles claims.
Medical Power of Attorney (Healthcare Proxy): This person makes healthcare decisions on your behalf if you’re unable to communicate your preferences. Although you may have already outlined your end-of-life wishes in a living will, your medical power of attorney can provide input for situations that fall outside the scope of what is outlined in your living will, especially if your incapacity isn’t life-ending.
Make sure the individuals you choose are both willing and capable of carrying out these responsibilities. Additionally, revisit these appointments every few years to ensure they still align with your best interests.
Review and Update Beneficiaries
Retirement is the perfect time to check the beneficiaries listed on your life insurance policies, retirement accounts, and investment accounts. Ensure these designations align with your current estate plan, as beneficiary designations typically override what’s written in a will. Failing to update them could lead to unintended consequences, like an ex-spouse receiving benefits instead of your intended heirs.
Plan for Long-Term Care and Medicaid Eligibility
Healthcare costs can be one of the biggest financial burdens in retirement. A comprehensive estate plan should include strategies for covering long-term care expenses, whether through insurance, Medicaid planning, or setting aside dedicated assets. Addressing this now can help protect your estate from being depleted by medical costs down the line.
Organize Your Digital Assets
In today’s digital world, estate planning isn’t just about physical and financial assets. Ensure your digital presence is accounted for by creating an inventory of online accounts, passwords, and digital assets (e.g., cryptocurrency, social media, and email). Consider appointing a digital executor to handle these accounts according to your wishes.
Secure Your Future with Expert Guidance
Estate planning is about protecting your legacy, minimizing stress for your loved ones, and ensuring your wishes are carried out exactly as you intend.
At Anselmo & Wojcicki, LLP, we specialize in crafting tailored estate plans so you can enjoy retirement without worry. Contact us today to ensure your estate is in order and your future is secure.
About Anselmo & Wojcicki, LLP
Anselmo & Wojcicki, LLP is a multi-disciplinary law practice based in Schaumburg, Illinois, specializing in real estate, estate planning, tax planning, business formation, and the sale and purchase of businesses. Our commitment to our clients and our values set us apart from the crowd. Our team of legal specialists has a wealth of experience and expertise to help you meet your legal needs. We are dedicated to providing quality service and building lasting relationships with our clients.
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