Estate planning is the process of arranging for the disposal or inheritance of your property and assets after your death. While estate planning is most often associated with older individuals, this process is beneficial for anyone who wishes to specify how their assets will be handled in the future, regardless of the value of those assets of the size of their family. Thus, it is never too early to begin developing a plan for your estate and its inheritance, regardless of your age, your occupation, or your health.
Estate Planning Before Retirement
You can begin estate planning at any age, including well before the time you plan to retire. Even if you don’t think you have a considerable estate, making financial plans through your life insurance policy or by creating a trust for your spouse or children can have significant benefits. By making a plan that specifies how your assets will be distributed, you can avoid the process of probate, reduce estate taxes associated with your finances, and prevent or resolve family disputes regarding inheritance. Because life is full of unexpected events and turns, estate planning as early as possible will ensure your wishes are followed if the unexpected occurs.
Estate Planning After Retirement
If you are already retired but don’t have a plan for asset distribution or inheritance in place, now is the time to start. Even if you have a will, not all assets may be distributed through this document, so it’s important to evaluate your estate and ensure that all retirement accounts, insurance policies, and other financial holdings have a beneficiary named. It’s also a good idea to review your will and estate plans every few years to ensure they are up to date and still reflect your wishes.
You don’t have to go through the process of estate planning on your own—at Financial Directions, LLC, our financial and retirement planners can offer personalized advice and guidance. If you’d like to learn more about our investment services in Tucson, please stop by our website or call our office at (520) 408-7777 today.