Getting used to retirement can be challenging. You might feel anxiety, fear, and stress as you transition into a new phase of your life. In addition to these complex emotions, you have some practical matter to grapple with, as well. It is important and necessary to have your finances in order as you enter retirement, and have a solid plan for your health care and administration of your estate, should the unexpected arise. Your planning should involve creating and keeping safe all of the necessary legal documents to make sure that your goals are achieved.
The following will review some of the important documents that you should include in your estate planning.
The most common type of estate planning document is the will. Wills are legal documents that allow us to express our wishes regarding how our assets and property should be distributed after our deaths as well as who will care for any minor children.
Despite the great importance of wills, the American Association of Retired Persons (AARP) reports that approximately four out of 10 individuals in the United States have a will. Some people are wary of creating a will because it involves acknowledging one’s own mortality. Others are unsure about what exactly they want their will to include.
It is important to understand, however, that if you die without a will in Oklahoma, your estate will be distributed in accordance with the state’s probate laws. If you do not want your assets distributed in this manner, you should create a will as soon as possible.
Power of Attorney
Less popular than wills but still a powerful estate planning tool, powers of attorney are a type of written authorization that grants family or friends the ability to act on your behalf regarding financial and healthcare decisions.
To avoid any complications later in your life, as you head for retirement, it is a wise idea to make sure that you have appropriate power of attorney documents in place.
These estate planning tools play the important role of specifying the type of healthcare that you would like to receive in case you are left incapacitated and are no longer able to care for yourself. These documents also allow you to express the situations under which you would like refuse extraordinary life-saving measures.
If you have not expressed your wishes and become incapacitated, your loved ones will be left to determine what course of treatment is best for you.
In addition to the several types of estate planning tools listed above, it is a wise idea to also create a document that lists vital information about bank accounts, contact details for parties involved with your estate plan, insurance policies, and passwords.
Even if you create several estate planning documents, your loved ones will not be able to carry out your wishes if they are unable to find them. Explanatory documents can help you avoid this potential problem.
Speak With an Experienced Estate Planning Attorney
Any time is good to engage in estate planning, but retirement is one of the best. If you need an estate planning attorney during this time, you should retain the assistance of a lawyer who has substantial experience helping many other people successfully plan for the future.
Do not hesitate to contact estate planning attorney Jim A Lyon today to schedule a free initial consultation.