Reaching retirement is a big milestone in life and one that should be celebrated. You’re probably looking forward to finally having the time to spend doing all the things you love and getting some well-needed rest and relaxation.
Planning for retirement, however, can be a lot of work in itself. You need to make sure you have everything in place so that you’re financially sound and can afford the lifestyle you want. In the few years before you retire, therefore, it’s important to revisit your estate plan and make sure it still works for you.
What do your children need?
When your children are young, you can try to anticipate how much money and help they might need from you when they reach adulthood.
By the time you reach retirement age, their needs may in fact look completely different from what you’d expected. Something that is hard to plan for is when your children have special needs and require significant care. The difference in circumstances when you reach retirement age may mean that you wish to change what you leave each child in your will. You may also need to consider other available options such as putting their inheritance into a trust.
Is your will updated?
Even if the above does not apply to you, it’s always a good idea to regularly review your will and make sure it still reflects your wishes. If your will is old and doesn’t account for changes to the family dynamic since it was prepared, you may wish to update it to ensure it denotes all of your desired beneficiaries.
Going through your estate plan can be a long task that feels difficult and overwhelming. It doesn’t need to be. Having some legal assistance with the process can make it much more manageable.