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Helping People Age with Dignity

Updating an estate plan when approaching retirement

The transition into retirement can be a very critical and complicated time. Thus, as a person is approaching retirement, it is very important for them to have the right sort of finance-related planning in place for their particular circumstances.

Consequently, as a person is getting close to retirement, it can be important for them to review their overall financial situation to see where they are at and to adjust the various finance-related planning they've previously done to take into account any major changes in their financial situation that have occurred or new financial concerns that have arisen for them.

Among the finance-related planning things adjustments may need to be made to are one's estate plan. Having an estate plan that is no longer properly aligned with one’s financial situation and concerns can be problematic as one enters their retirement years.

For one, it could cause a person to no longer have the right sort of plans in place for handling long-term care costs. One's financial situation can deeply impact what sort of long-term care planning would be appropriate for them. Thus, as a person approaches retirement, it can be important to make sure the particular long-term care planning they have included in their estate plan is still well-aligned with their goals given their current financial situation.

Also, it could lead to a person's after-death plans for their assets no longer matching their wishes. Changes in a person's financial situation as they approach retirement could impact how they would want to distribute assets upon their death in their will or other estate planning devices.

Thus, having one's estate plan properly aligned with one's current situation, including their financial situation, as one is nearing retirement can be vital. Estate planning lawyers can help individuals who are approaching their retirement years with reviewing their current estate plan and situation, provide guidance on whether they should consider making any changes to their estate plan based on their current circumstances and help them with the specifics of estate planning updates and changes they decide to make.

Source: CNBC, "Does your retirement plan need a reality check?," Sarah O'Brien, Sept. 17, 2015

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