Should you write a will when you retire?

| Jan 15, 2021 | Estate Planning

You’ve worked for your money for a long time. Now you’re getting close to retirement age, and you’re starting to wonder what will happen to that money when you pass away. Is it time to write a will?

ideally, you will already have a will in place that may only need updating. But if not, this is as good an impetus to draft a will as any.

If you don’t have one already, write one now

The truth is that you should probably already have a will. Most people say that you at least need to make one when you get married or when you have kids. It’s less about looking at exactly how much money you have and more about planning for your family.

However, if you don’t have a will yet and you’re close to retirement, that’s another key life event that can mean it’s time to draft a will. Doing so allows you to address the assets you own, your retirement funds, a pension plan and much more. You do have a clear picture of your financial future, and you can fit that into your will.

Additionally, if you’re retiring, you’re getting closer to the age at which you may need some level of care. Estate planning should go beyond just writing a will to disburse your assets. You can also do medical planning with advance directives, powers of attorney, long term care planning, etc. This may be a good time to consider every aspect of your future and how it fits into that plan.

Getting started

If retirement has made you start thinking about estate planning, you need to know what options you have. Working with an experienced law firm can help you examine them closely.