Estate planning can help you plan for and protect your future. However, new reports show that many people are focusing more on retirement planning than estate planning. Failing to create an estate plan can lead to serious trouble down the road that your retirement plan cannot fix.
Many older couples are focused on their retirement plan, and they forget about reviewing and updating their estate plan, if they have one. Do not make the mistake of not having an updated estate plan. Take steps now to make sure your estate is correct and properly reflects your wishes.
Whether you have an estate plan or not, it is important to think about what you want to happen to your estate. Every estate plan should have a will, which needs an executor and will explain your wishes once you pass away.
You may also want to consider having a living will or advanced health care directive to address end-of-life care in case you are incapacitated and cannot make decisions on your own.
There are many other documents to consider having in your estate plan. After creating your estate plan, do not forget to review and update it as necessary. After any major life change, such as getting married, divorce or a death in the family, it is important to update beneficiaries to make sure everything is current.
Working with an attorney can make sure all of your concerns are addressed and that your estate plan is unique to your specific needs. An attorney can carefully review your estate planning documents and help you protect your future and your family.