Do Individuals in retirement need an estate plan?

If you are retired, spending your assets, and do not have children that need guardianship, is an estate plan really necessary? The answer is still YES - if you don’t have a plan, the government get’s to make one for you. In this video, we discuss key documents in an estate plan and why they are so important.

Here is an overview of the key documents in an estate plan:

1. Will/Trust – ensures property is distributed according to an individual’s wishes

2. Durable power of attorney – allows someone to legally sign your name if you are not able to yourself

3. Beneficiary designations – Not everything transfers by operation of law. A few things including life insurance, IRAs and other retirement accounts transfer by operation of contract

4. Letter of intent – addresses tangible property i.e. jewelry or art work

5. Healthcare power of attorney – designates an individual that can make health care decisions for you according to your wishes

Watch our video to learn more about each of these areas, and if you have any questions, we invite you to connect with us by sending an email or filling out our contact form.