While you are planning your retirement, you should take some time to prepare your estate plan for your retirement as well. Many people who engage in estate planning overlook the importance of retirement. You should not make the same mistake. If you need to consider retirement when creating your estate plan in Michigan, please read on, then contact an experienced Washtenaw County estate planning attorney today. To start off, here are some questions you should be asking yourself:
What aspects of retirement should I consider in my estate plan in Michigan?
Those getting ready to retire should focus on two primary aspects of their estate plan, outside of creating trusts and wills. These primary aspects include:
- Powers of attorney: Should an individual become incapacitated or unable to make critical life decisions on their own, powers of attorney are fantastic tools for individuals who wish to give a trusted party the right to do so on their behalf. Powers of attorney can authorize certain people to manage your finances, make certain critical medical decisions and more.
- Beneficiary designations: For individuals who are looking to retire, one of the most important items to account for is establishing beneficiary designations, wherein you can update beneficiaries on your life insurance, retirement plan and pay-on-death designations. Because you have the option of creating both of these plans at the same time, you may only have to do so once.
Do I even need to create an estate plan in Michigan?
In their lifetime, everyone must create a comprehensive estate plan so that their finances and loved ones receive some security after they have passed. You will need to create various important estate planning documents, including wills, trusts and more. You can also create an advance healthcare directive, wherein you can authorize certain family members to make crucial medical decisions on your behalf, should you become incapacitated or incapable of doing so, such as medical personnel putting you on a ventilator.
While you can create these important documents with private software, you should strongly consider reaching out to a skilled Washtenaw County estate planning attorney to discuss your particular needs and how best to implement them. Please do not hesitate to give a knowledgeable attorney at Collis, Griffor and Hendra, PC a call today if you have any additional questions regarding estate planning and retirement. Over the years we have been in operation, we have assisted scores of individuals in receiving the peace of mind they deserve, and we are more than eager to put our services to good use for you.
Contact Our Michigan Firm
If you need a seasoned firm to help you with any divorce, family, or estate-related matter, please do not hesitate to contact Collis, Griffor & Hendra today to schedule a consultation.