Money goals in your 50s could impact your estate plan
As you go through the process of creating an estate plan, it’s important to make note of any and every detail that could impact you and your family, both now and in the future.
Your age has a lot to do with the approach that you take. For example, if you’re in your 20s or 30s you may be creating an estate plan for the first time. However, if you’re in your 50s, it’s safe to assume that you may already have an estate plan in place.
As you know, your money goals will change as you age. For this reason, your estate plan may need some alteration as well.
Here are some of the most common money goals for individuals in their 50s:
— To increase retirement savings, especially if you have intentions of retiring in your late 50s or early 60s.
— To pay off debt as quickly as possible.
— To eliminate your mortgage before hanging up your work boots for good.
— To create a retirement plan that will allow you to live the same type of life in the future.
— To purchase additional insurance, including but not limited to life insurance and disability insurance.
As you can imagine, as you make these changes, your estate plan will require some attention. For example, if you purchase another life insurance policy, you need to carefully choose the beneficiary. This is a big part of your estate plan, so you don’t want to overlook this detail.
Of course, the steps that you take in your 50s will not be the same as those in your 60s. For this reason, you should remain flexible with each passing year, all the while keeping a close eye on your estate plan.
If you have any questions or concerns about the past and the steps you should take in the future, don’t wait to consult with an estate planning attorney. By taking this step, you’ll find it much easier to understand what you should and should not be doing. You’ll also find yourself in position to make more informed decisions.
Your 50s are an exciting time, so do whatever you can to make the most of these 10 years. This means setting money goals and doing whatever it takes to reach them.
Source: Nov. 30, -0001