As you approach retirement age, it may be a prudent decision to revisit your estate planning documents. Whether you already have a will in place or need to draft one, it is not too late to ensure that your estate plan accounts for all the important considerations.
It goes without saying that your will should outline the distribution of your assets, but there are also a few other items to include that become particularly relevant as you prepare to retire.
Power of attorney
Assigning power of attorney to a trusted family member or another representative is a necessary measure to take in preparation for the possibility that an injury or illness might incapacitate you. Your chosen representative can make decisions on your behalf regarding your finances, estate and other important matters.
Advance medical directives
An advance medical directive is a provision you can include in your will that outlines your treatment preferences under circumstances when you are unfit to actively voice those directions yourself. This is crucial for ensuring that you do not receive any type of care you do not want or are uncomfortable with.
If you already have a will in place, then you likely have a designated executor who will administer your will during the probate process. Even if this is the case, it is a good idea to revisit the topic of naming an executor to ensure that your chosen individual is still the right choice for the role.
Whether you are writing a will for the first time or if you already have one in place, it is a good practice to revisit and update the document as necessary. At the point when you retire and beyond, your needs and preferences pertaining to your estate plan are likely to change.