Should I Make an Estate Plan Before I Retire?

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If you are intending on retiring in the near future, you are likely looking forward to some well-deserved time off. But before you can get there, you must set up your estate plan. This is often an overlooking part of retirement, but doing so would not be in your best interest. Read on to understand why you need to make an estate plan before you retire and how a seasoned Nassau County estate planning lawyer at Barrows Levy PLLC can guide you throughout the planning process.

Why do I need to make my estate plan before I retire?

To make an estate plan that is comprehensible and legitimate, you must do so when you are still in the right frame of mind. Putting off this planning just creates a higher risk that your finances will not be properly distributed to your loved ones once you pass on.

One of the most important estate planning documents, which should be taken care of before you retire, is your will. With the help of an attorney to make it valid, this document allows your assets to be given out in a way that is to your liking. Put simply, this sidesteps New York state’s intestate process.

Another important document to address before you retire is your trust. This is essentially a contract between your estate and your designated trustee. Your trustee has a fiduciary duty to your beneficiaries to administer your trust correctly. Doing so will allow your beneficiaries to receive a maximized inheritance and allows the probate process to move more efficiently.

What parts of my estate plan should I finalize before I retire?

Aside from finalizing your will and trust, there are other aspects of your estate plan that you should work on sooner rather than later.

For one, you should prioritize arranging your powers of attorney. This arrangement gives a trusted party the right to make critical life decisions on your behalf. These can be financial or medical decisions, among others. This is essential to do before you become incapacitated or otherwise unable to make decisions for yourself.

Secondly, it would be best if you worked toward concluding your beneficiary designations. Notably, you can update beneficiaries on your life insurance, retirement plan, and pay-on-death designations.

One of our competent attorneys at our law firm can assist you in creating both your powers of attorney and beneficiary designations. This is so you only have to do so once and so it can be done correctly. That said, please do not hesitate in giving us a call.


If you need a Nassau County lawyer who has significant experience handling family and estate planning matters, contact Barrows Levy PLLC to schedule a consultation with one of our experienced attorneys today. 

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