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Maura Curran, Attorney
Jupiter, FL 33458

Retirement Revelations: Estate Planning Myths and FAQs

Welcome to the wild world of retirement, where myths abound, and questions about estate planning are practically begging to be answered. But worry not, because I’m here to cut through the nonsense. Let’s tackle these myths and FAQs so you can ride off into the sunset with your estate plan sorted.

Myth #1: My level of employment shouldn’t impact what happens after my death.

Wrong. Your paycheck pays the bills, right? Once the paycheck dries up, you’re living off your retirement accounts and investments. This means there could be less money and property left for your loved ones after you’ve danced your last dance.

Plus, if you don’t have an estate plan, your state’s laws will decide who gets your stuff, whether it’s your spouse, kids, grandkids, or that estranged cousin who never remembered your birthday. Don’t leave it to chance.

Myth #2: I’m going to spend every cent before I die, so I don’t need an estate plan.

Sure, living it up sounds like a dream, but an estate plan isn’t just about leaving money and property behind. It’s also about:

  • Naming someone to make financial and medical decisions for you if you can’t.
  • Listing who can access your medical information.
  • Choosing guardians for your minor kiddos.

Let’s make sure your legacy isn’t just a great story but also a well-organized one.

Question #1: What makes retirement a good time to create an estate plan?

Retirement marks a new chapter in your life, so naturally, it’s a great time to get your ducks in a row. You’ve probably already inventoried your income and assets to ensure you’ve got enough to enjoy the good life, and that’s half the estate planning battle. Now, you can:

-Plan how your money and property are managed during your lifetime and after your death.-Appoint someone to handle your finances if you’re unable to do so. In short, retirement is the perfect time to build or refine your estate plan.

Question #2: What should I look for when I review my existing estate planning documents?

Even the best estate plans need a checkup now and then—kind of like your health. Here’s your checklist:

1. Property and Account Review

Do you still own the same property or have the same account balances? Those balances might look different after a few rounds of golf and withdrawals. Adjust accordingly.

2. Beneficiaries’ Status

Are your children or young beneficiaries still minors in your plan? If your little ones are now all grown up, your focus should shift from guardians to ensuring their needs are covered.

3. Employer-Provided Life Insurance

If your plan relies on an employer-provided life insurance policy, check that it’s still active post-retirement. If not, find alternatives to ensure your loved ones are covered.

4. Inheritance Tweaks

Are the amounts and methods of inheritance distribution still appropriate? If your kid is now older and wiser (or maybe not so wise), consider updating the inheritance plan to reflect their current needs.

Ready to Take Action?

Whether you’re working on your first estate plan or tuning up an existing one, now is the time to ensure your wishes are crystal clear. Reach out to us, and we’ll make sure your retirement years are packed with peace of mind.