As you age, you may soon realize that your estate plan is no longer exactly what you want it to be.
It may be frustrating to learn that you need to make some changes, but it’s good to know that you are able to do so in an efficient manner. Of course, this only holds true if you take the time to review your estate plan, answer the right questions, and move forward in the appropriate manner.
If you are in your 50s, there are many things you can do to improve your estate plan. Although everyone is in a different position, here are some of the many tips you can follow:
- Make note of anything that has changed in your life over the years. For instance, if you have gone through a divorce or adopted a child it goes without saying that your estate plan will need a change or two.
- Focus on the well being of your children. Now that your children are likely in high school or college, you will want to update your estate plan accordingly.
- Turn your attention to retirement. Many people overlook the fact that estate planning and retirement planning go together hand in hand. If you have plans on hanging up your work boots in the near future, now’s the time to make sure all your ducks are in a row.
- Think about more than a will or trust. For instance, you may want to create a durable power of attorney to ensure that there is somebody who can handle your affairs if you become incapacitated in the future.
These are far from the only estate planning tips to follow in your 50s, but they are definitely among the most important.
Your 50s can be a busy time in your life, but that doesn’t mean you should overlook the importance of reviewing and potentially altering your estate plan.
Once you have a plan in place that puts your mind at ease, you’ll feel better about everything the future will bring.
Kevin Tharpe
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