Updating Your Estate Plan Upon Retirement

Phoenix is one of the most popular retirement destinations in the United States. Part of your retirement plan should include updating your estate plan upon retirement. It is always a good idea to review your estate plan whenever a major event occurs such as marriage, a new child or grandchild, or a milestone like retirement.

If you are among the many individuals living in Phoenix and approaching retirement, or planning to retire permanently to the beautiful Phoenix area, now is a good time to review and update your estate plan.

updating your estate plan upon retirement

As a top Phoenix estate planning attorney, Nicole Pavlik offers this list of four reasons why it is essential to revisit your estate plan as you near retirement age.

Reasons for Updating for Estate Plan

  1. Add or Update Your Incapacity Plan

As you get older, the chance that you could become incapacitated increases. Although it is unpleasant to consider the possibility, there is the potential that you could suffer from Alzheimer’s disease or another age-related dementia. To prepare yourself and your family, you should include tools such as an advanced health care directive, power of attorney, living will, and HIPAA authorization in your estate plan. In these documents, you can address issues like how your medical care will be financed, who will handle your finances, who will make medical decisions on your behalf, and your wishes for end-of-life care.

  1. Update Your Plan Due to Relocation

If you have moved to Phoenix from out of state, your estate planning documents may need to be updated to meet Arizona’s legal requirements. Every state has its own laws regarding wills, trusts, powers of attorneys, and other estate planning tools. An attorney can review your current estate plan and advise you whether it is legally valid in Arizona.

Additionally, Arizona does not have inheritance or estate tax. If you are moving from a state with these taxes, working with your attorney to establish proof that you changed residency is critical.

  1. Consider Financial Needs for Retirement and Healthcare

When approaching retirement, you should evaluate your financial situation and any known health issues. After understanding your needs for retirement and the potential of long-term care, you may need to update your estate plan.

  1. Update Asset Inventory

When you retire, it is an excellent time to update your estate plan to reflect your current asset inventory. It is likely that you have more property than when you last reviewed your estate plan, especially if it has been several years since your last review. The administration of your estate will go much smoother for your family if the inventory of your property is up to date.

Updating Estate Planning Documents

If you are nearing retirement, it is important to consider updating your entire estate plan, not just your will. You should review all of your estate planning documents with a qualified attorney. Examples of documents that you should review include:

• Wills,
• Trusts,
• Financial Power of Attorneys,
• Healthcare Power of Attorney,
• Beneficiary Accounts,
• Living Wills, and
• HIPPA Authorizations.

Your Phoenix Estate Planning Attorney

Nicole Pavlik is an experienced Phoenix estate planning attorney who will help you create a comprehensive estate plan. If you are approaching retirement and have questions about updating your estate plan, call Nicole Pavlik Law Firm today at (602) 635-6176 for a free consultation. A modern law firm, we offer services virtually via video or by phone. You only need to come to our Phoenix office to sign documents.

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