What aspects of retirement should I consider in my estate plan?
The two primary aspects of your estate plan that you should focus on outside of creating trusts and wills are as follows:
- Powers of attorney: Individuals who wish to give a trusted party the right to make critical life decisions on their behalf should they become incapacitated or unable to do so themselves can utilize powers of attorney. Powers of attorney allow certain individuals to manage your finances, make certain key medical decisions on your behalf, and more.
- Beneficiary designations: If you are planning to retire, you must establish beneficiary designations where you can update beneficiaries on your life insurance, pay-on-death designation, and retirement plan. Both of these plans can be created together.
Do I need to create an estate plan?
Everyone can benefit from creating a comprehensive estate plan to take care of their finances and loved ones after they pass away. There are many critical estate planning documents including trusts and wills. You can also create an advanced healthcare direction in your estate plan where you can give certain family members the right to make critical medical decisions on your behalf if you are unable to do so yourself. This may include making decisions such as whether you should go on a ventilator or not.
If you are facing retirement and have any additional questions about the estate planning process, do not hesitate to give our Des Moines estate planning lawyer a call. Our firm is prepared to walk you through the process ahead to ensure that your plans are made according to your wishes. We have assisted countless individuals to receive peace of mind regarding the future. Give our firm a call today to learn more about our service and how we can assist you and your specific circumstances.
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Herting Law, PLLC, is an Iowa-based law firm that has experience in all criminal matters, including OWIs, drug charges, gun crimes, theft, assault, and more. If you need an estate planning lawyer, our firm can guide you. Whatever the situation, Herting Law, PLLC has you covered.