You might start to think of retirement as your second act in life and your fresh start, but it’s important to ensure that your documents have been created and updated prior to reaching retirement. This is because you might need assistance from a power of attorney or require long term care before you hit retirement age.
While you certainly hope that you never need to trigger those benefits or documents, it’s a good idea to be protected well in advance with a power of attorney, a will and a health care directive. This also helps to reduce conflicts by creating documents that protect your financial, personal, and health wishes. This means these documents will be carried out the way that you intend.
Remember that 401(k) benefits and social security benefits are just pieces of the puzzle and that comprehensive estate and financial planning should take place well in advance. Scheduling a consultation with a trusted Pasadena estate planning lawyer can help to prepare you for the many different issues that you might face before or after retirement. Remember that you can always update your Pasadena estate planning documents as your life circumstances change, such as if you receive a new beneficiary in the form of a grandchild.
All of your retirement plans, too, might need supplemental estate planning documents like beneficiary designations. Since these operate outside of traditional estate planning with a will, you’ll need to ensure these documents are kept updated as your life circumstances and goals change. Talk to an estate planning lawyer when you need support with your pre and post retirement planning.