Estate Planning Checklist for Retirees

Estate planning is an essential part of a well rounded retirement strategy. As you move into retirement, having clear and organized plans in place helps protect your wishes, your loved ones, and the life you have worked hard to build. An estate planning checklist can provide clarity and confidence, ensuring nothing important is overlooked.

At Sound Retirement Solutions, we encourage retirees to view estate planning as an ongoing process that works alongside income planning and over 65 healthcare planning.

Review or Create a Will

A will outlines how your assets should be distributed and who will be responsible for carrying out your wishes. If you already have a will, retirement is an important time to review it. Changes in assets, family dynamics, or personal goals may require updates to ensure it still reflects your intentions.

A current will provides direction and helps reduce confusion or conflict for loved ones.

Consider Whether a Trust Is Appropriate

Trusts can play a valuable role in estate planning for some retirees. They may help manage assets, provide instructions for distribution, and offer added control over how and when assets are passed on.

Determining whether a trust fits your situation depends on your goals, family structure, and overall retirement strategy. Coordinating this decision with your broader plan helps ensure everything works together smoothly.

Update Beneficiary Designations

Beneficiary designations on retirement accounts, life insurance policies, and other assets should be reviewed regularly. These designations often override instructions in a will, making accuracy especially important.

Life changes such as retirement, marriage, loss of a loved one, or the birth of grandchildren are all reasons to revisit beneficiary choices and confirm they align with your wishes.

Establish Financial and Healthcare Powers of Attorney

Powers of attorney allow you to name trusted individuals to make decisions on your behalf if you are unable to do so. Financial powers of attorney help manage finances, while healthcare powers of attorney address medical decisions.

These documents are critical in retirement, providing protection and peace of mind for both you and your family.

Create or Review Healthcare Directives

Healthcare directives allow you to outline your preferences for care and treatment. These documents help ensure your wishes are known and respected, especially during unexpected situations.

Clear directives also reduce stress for loved ones who may be asked to make difficult decisions during emotional times.

Organize Important Documents

Keeping estate planning documents organized and accessible is just as important as creating them. This includes wills, trusts, powers of attorney, insurance policies, and account information.

Letting trusted individuals know where these documents are located can make a significant difference when they are needed most.

Coordinate Estate Planning With Retirement and Healthcare Planning

Estate planning should not exist in isolation. It works best when coordinated with your retirement income strategy and over 65 healthcare planning. Aligning these areas helps create a more complete and resilient plan.

A retirement planner can help ensure your estate planning decisions support your income needs, healthcare considerations, and long term goals.

Review Your Plan Regularly

Estate planning is not a one time task. Retirement, health changes, and family updates can all impact your plan. Regular reviews help ensure your documents remain current and continue to reflect your wishes.

At Sound Retirement Solutions, we emphasize ongoing guidance and coordination so your plan stays aligned throughout retirement.

Moving Forward With Confidence

An estate planning checklist helps retirees approach this important process with clarity and intention. By addressing each area thoughtfully, you can protect your legacy and provide peace of mind for yourself and your loved ones.

If you are retired or approaching retirement and want help reviewing your estate planning checklist, we invite you to schedule a conversation with a retirement planner at Sound Retirement Solutions. Together, we can help you build a strategy designed to support your goals and provide confidence for the years ahead.