Once you retire, you might need to update your will and estate documents to reflect any changes in your life. In addition to changes because of retirement, you may have made changes to your assets, but never updated your estate documents. This is the time to review your entire estate to make changes to beneficiaries, trustees, and powers of attorney. This will also include adding additional beneficiaries and changing trustees. Making an appointment with an estate planning attorney shortly after you retire allows you to make those changes.
Update Your Will and Estate With Prior Changes
During the time since you last updated your estate, you may have made several changes. You might have moved in the past year in anticipation of retirement. You might have sold your home and purchased an RV in anticipation of traveling the country upon your retirement. You might have gained additional grandchildren or nieces and nephews you want to add to your estate.
Also, if you already gifted a family member or friend with assets, your estate documents should reflect those changes. Keeping your will and estate documents updated when you make changes ensures your estate will be handled pursuant to your wishes.
Retiring From a Business
If you owned a business and retired, you may have closed the business, sold it, or given it to your children. Since you no longer own the business, your probate attorneys at France Law need to update your estate documents to reflect these changes. Additionally, you still have to file taxes for the last year you were in business. Additionally, you will need to complete the tax forms if you no longer own the business. You may have also made changes to a publicly traded business, or allowed someone else to retain a controlling interest. Our business law attorneys can help you make this transition less stressful, especially if you haven’t made these changes, but plan on making them within the next month or two.
Updating Your Will and Estate After Retirement
Once you retire, you might change or cash out some retirement accounts. You could also sell some assets and acquire additional assets. If it’s been several years since you last updated your estate documents, you may have some changes to make as to beneficiaries and trustees. This is especially important if one or more of the beneficiaries passed away or notified you that they no longer want to be a trustee.
You may also have new grandchildren to add to your will and estate documents. Before you come in to update your documents, go over your current ones to determine where you need to make changes.
Estate Document Change Checklist
Go through this checklist to ensure you notify your will and estate lawyer of all of the necessary changes to your estate documents:
- Change or add beneficiaries
- Change or add trustees
- Sold real estate
- Purchased real estate
- Bought or sold assets listed in the will, trust, or other estate documents
- Update living will to reflect changes in your health care directives
- Update powers of attorney for finances and medical issues
You may also want to restructure a trust depending on your health condition. Some types of trusts have better asset protection than others. After discussing your situation, your will and estate lawyer can advise you on the differences of the way trusts are structured and help you restructure your estate to best benefit your situation.
While the changes might seem minor, they can affect factors such as probating your will and disbursing your assets. If your estate is not updated, that could delay disbursement of your estate, especially if a beneficiary is no longer alive and you did not provide a secondary beneficiary.
Contact France Law
Contact France Law Firm to update your estate once you retire. If you have not created estate documents, including a will, trust, living will (health care directives) and other estate documents, contact our office for a consultation to learn how to protect your estate. An estate that is properly set up helps to reduce a lot of the stress your family will have after losing a loved one.