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How can I plan for legacy or estate planning as part of my retirement strategy?

Curious about retirement planning

How can I plan for legacy or estate planning as part of my retirement strategy?

Legacy or estate planning is an important part of retirement planning. It involves creating a plan for how your assets will be distributed after your death. Here are some steps to help you plan for legacy or estate planning as part of your retirement strategy:

Take inventory of your assets: Start by making a list of all your assets, including bank accounts, retirement accounts, real estate, investments, and any other valuable possessions.

Determine your beneficiaries: Decide who will receive your assets after your death. This can include family members, friends, or charitable organizations.

Consider taxes: Consult with a financial advisor or estate planning attorney to determine the tax implications of your estate plan.

Create a will or trust: A will is a legal document that outlines how you want your assets to be distributed after your death. A trust is a legal entity that can hold and distribute assets on your behalf. Consult with an attorney to determine which option is best for your needs.

Consider longterm care needs: If you anticipate needing longterm care, consider setting up a trust or other arrangement to help cover these expenses.

Review and update your plan regularly: As your life circumstances change, your estate plan may need to be updated. Review your plan regularly and make changes as needed.

Overall, legacy or estate planning is an important aspect of retirement planning. By taking the time to plan for how your assets will be distributed after your death, you can ensure that your loved ones are taken care of and your wishes are honored.

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