After years of hard work, you’re finally nearing retirement. It’s a time to look forward to travel, hobbies, and well-earned rest. But before you fully unplug, there’s one more thing to cross off your to-do list: making sure your estate plan and essential legal documents are up to date.
Planning now means peace of mind later, for both you and your loved ones.
Here’s what you should consider doing before stepping into retirement:
Review and Refresh Your Estate Plan
Estate plans shouldn’t be “set it and forget it.” As you near retirement, it’s crucial to review your:
- Will and Trust – Do your documents still reflect your wishes? Are the right people named as beneficiaries?
- Trustees, Executors, and POA agents – Are the people you originally appointed still appropriate? Consider age, location, and ability to serve.
- Distribution Provisions – Are you comfortable with how assets will be distributed to your loved ones? Have there been major life changes (divorce, remarriage, grandchildren) that warrant adjustments?
A current estate plan avoids court delays, confusion, and potential disputes and ensures your legacy is handled just the way you intended.
Check and Update Beneficiaries
One of the most common (and costly) mistakes is failing to update beneficiary designations on:
- Retirement accounts (IRA, 401(k), etc.)
- Life insurance policies
- Annuity Contracts
Even if your trust is current, these accounts pass directly to the named beneficiary so it’s essential they reflect your current wishes.
If no beneficiary is listed, or if your named beneficiary has predeceased you with no alternate named, the asset may be subject to probate, causing unnecessary expense and delay for your loved ones.
Take a few minutes to review your beneficiary forms and update them as needed, especially after major life events. A little effort now can save your family a great deal of stress later.
Ensure You Have Up-to-Date Powers of Attorney and Health Care Documents
As we age, the risk of illness or incapacity increases. Don’t leave your loved ones scrambling.
Make sure you have:
- Statutory and Durable Power of Attorney Documents – So someone you trust can manage your finances if you’re unable to.
- Advance Health Care Directive – So your medical wishes are known and someone can speak on your behalf if needed.
- HIPAA Authorization – So doctors can share your health information with your chosen agents.
These documents are essential during a medical emergency and can prevent court intervention, such as a stressful and costly conservatorship.
Create a Long-Term Care Strategy
The need for long-term care, whether in-home assistance, assisted living, or nursing care, can arise unexpectedly.
Consider:
- Do you have long-term care insurance?
- Have you discussed your preferences with loved ones?
- Will your retirement savings or income support those costs?
Planning now can help preserve your assets and give your family clarity on how to support you later.
Don’t Forget About Your Pets
If something unexpected happens to you, whether it’s a sudden illness or your passing, what happens to your pets?
You can plan ahead by:
- Naming a pet caregiver in your trust
- Setting up a pet trust or earmarking funds for their care in your trust
- Leaving written instructions about their food, routines, medications, and vet info
Your pets are part of your family. Planning for their care ensures they’re not left behind or placed in a shelter. It’s a loving step that many overlook.
Organize Your Digital and Financial Life
In today's digital age, most of our personal and financial information lives online. Make it easy for a trusted loved one or fiduciary to step in if something happens.
- Use a password manager or maintain a secure master list.
- List all key accounts such as banking, investment, insurance, credit cards, bills, email, and cloud storage.
- Store instructions securely in your estate binder or in a secure digital vault.
A little organization now can save your family hours of stress later.
Communicate With Your Loved Ones
If you feel comfortable, share your plans with your family. Let them know:
- Who’s in charge of what
- Where key documents are stored
- Your values and wishes, especially for health care and end-of-life decisions
Retirement is a major life transition. Making sure your estate plan and personal affairs are in order can lift a tremendous weight off your shoulders and give your family the clarity they’ll need in the future.
If you’d like our 27-Point Estate Plan Checklist to determine if you need an update, reach out to us at 760-448-2220 or at https://www.geigerlawoffice.com/contact.cfm. If you have a friend or family member that needs our help, please encourage them to reach out to us as well. We have offices in San Diego County (Carlsbad) and Orange County (Laguna Niguel), but we assist can families throughout California as well.
