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Evaluating estate planning goals upon entering retirement

| Sep 24, 2020 | Estate Planning |

Many individuals in Louisiana and elsewhere spend decades planning and saving for the golden years of life. However, after reaching retirement age, some might still be uncertain if they have taken every possible measure to protect their interests. There may be a variety of estate planning options available to individuals approaching retirement and exploring these options could play a vital role in helping one enter the next chapter of life with confidence and peace of mind.

Has a will been created yet?

Experts indicate that one of the most fundamental, yet vital aspects of estate planning involves creating a will. Wills can cover a variety of topics, ranging anywhere from terms concerning the distribution of assets to naming someone to act as guardian for minor children should the need arise. Although this option may come with a variety of potential benefits, recent studies indicate that nearly 60% of those approaching retirement age have yet to create a will.

Is there a power of attorney?

Individuals approaching this stage of life could also find it helpful to consider implementing a power of attorney, as having someone to make decisions on one’s behalf in the event of incapacitation could prove vital. A health care directive is another estate planning option which could help a person set clear terms on topics such as preferences on the type of treatment administered during a medical emergency. As an emergency could take place at any given moment, it could also be essential to create and store a document that includes all the necessary information.

While documents such as wills and powers of attorney could help cover a variety of concerns, there may be many more estate planning options to help one better prepare for life ahead. Individuals who wish to know more about the next steps to take to help bring their estate planning goals in line with their needs and wishes could benefit from consulting with an attorney for advice on how to achieve this goal. An attorney in Louisiana can address all a client’s questions and concerns and assist in creating a strategy to help safeguard his or her future.