As you age, it’s important to stay in touch with your estate plan. What you had in place in your 30s and 40s may no longer suit you now that you are closing in on retirement age.
Here are some of the most important estate planning questions to address in your 50s:
- Are any of your children planning on attending college in the near future?
- Does your retirement plan fit in nicely with your estate plan?
- When was the last time you reviewed your life insurance policies?
- Is there any reason why you may need to change your beneficiary designations (such as divorce or the death of your spouse)?
- Do you have plans to sell your business in the near future?
- Is now the best time to think about creating a trust?
These are just a few of the many estate planning questions you’ll want to address in your 50s. If you neglect to do so, you may regret your decision later in life.
Although you don’t need to completely overhaul your estate plan during this time of your life, you should review where things stand to determine if changes are necessary.
Your 50s can be tricky, with your children almost adults and retirement coming soon. This is why you need to review your estate plan with an eye toward making things just right.
As long as you dedicate enough time to estate planning, while also learning more about your legal rights, you shouldn’t have any problem making decisions that give you peace of mind, all the while protecting your family and assets.
Source: Financial Symmetry, “Estate Planning in Your 50’s,” accessed Nov. 24, 2017