Retiring in Oregon leaves open the days for beautiful scenery, lazy days fishing or spending time with loved ones. Before you file for retirement, it is a good idea to look at your estate plan. The two plans go hand-in-hand to help you relax during the remaining days of your life.
CNN Money does not think you should look at estate planning with a morbid outlook. Rather think of estate planning as a way to protect everything you have worked hard for throughout your life. If you already have one in place, retirement is a great time to make sure that you have everything the way you want it. If you do not have a plan, now is the time to create one.
Everyone benefits from having an estate plan. Whether you only have an employee pension and Social Security, you still have items that matter to you. Create a last will and testament to dictate what you want to happen upon your death.
As people age, they may need additional documents to help with end-of-life care. A healthcare proxy provides someone you trust to help make medical decisions on your behalf. A power of attorney does the same for your finances. These documents come into play when you cannot make these decisions on your own.
Some may benefit from a trust to hold their assets, while others may want a living will to outline specific end-of-life care. Estate planning helps you arrange your possessions in a legally-binding way and can help loved ones avoid some taxes.
This information is intended only to educate and should not be interpreted as legal advice.