What Every Retiree Needs
Now that you’ve retired, you’re able to relax and do some of the things that you’ve always dreamed of doing. However, your thoughts are also likely turning to what will happen to your possessions and family when you pass on. Luckily, you’ve come to the right place. Here are a few things that you will need to protect your assets later on in life.
A Living Trust
First off, you will need to make sure that you have a living trust throughout your retirement. On thing every retiree needs is a Living Trust. Having a living trust is especially important if you have a large number of assets that you’re trying to protect. A living trust is different from a regular trust in the fact that it will protect your assets while you are still living. A trust will also help you to determine who you would like to be the trustee over the legal and orderly administration and distribution of your assets when you pass on.
Another way to protect your assets is by having a will that is kept updated and current. Your will spells out and determines what will happen to your assets when you’ve died. It will direct how your personal and financial assets will be distributed to specific individuals such as your family members. Having a legally documented will can protect your home from going into probate when you pass on. The probate process takes time to complete. It can also be quite expensive. Protect your family from this risk by writing about your home’s inheritance in your will.
You can also go through estate planning to protect your assets now and in the future. Estate planning can protect you from any future lawsuits that you might face over your assets. A will and a living trust are also included as parts of estate planning. These lawsuits might be for real or imaginary reasons, and they can come from anyone, including neighbors and family members, as sad as that might seem. Lawsuits can be very expensive to take care of. You can protect your assets by keeping them out of the reach of any potential lawsuit by putting them into legally-protected vehicles.
Remember, your retirement planning and your legacy planning are closely interconnected. As you have a living trust, will, and estate planning completed, your assets will be protected and secure. The more you are prepared for your end-of-life plan, the more at peace you will feel as that time approaches. What every retiree needs is also to be prepared for funeral expenses, final expense insurance can help pay for end of life expenses with being a burden on family members.
You can get a quote on our Final Expense page.
Check out this article on types of insurance that can benefit you in retirement!