A Necessary Part Of Retirement: Estate Planning And Wills
No one likes to talk about the possibility of death, especially when it comes to their own; however, if you want a happy and comfortable retirement, you’ll need to plan out your estate so you don’t leave your family behind with bad debts along with old memories. If you think that you need to hire an expensive lawyer to write your will, think again: DIY wills are becoming increasingly popular as budgets shrink. If you’re considering a DIY will, here are key tips that will ensure that your will is error-free:
Pick The Executor Of Your Estate Wisely. A big part of retirement planning is creating your estate, which means you’ll need to appoint an executor to handle your affairs after your death. Pick a family member or close friend who will have your best interests at heart, as they’ll be responsible for carrying out your wishes after you’re gone.
Allocate Funds For Your Debts. If you haven’t paid off your debts by the time that you reach your retirement age, make it a point to do so in the years following, as any assets will be liquidated to pay off creditors and lenders upon your death. In other words, you’ll be unable to leave any important or sentimental assets to family members, as a court will promptly hand these over to banks to pay for your debts. Talk to your investment advisor to step up your investments if you need more money to pay off your debts.
Enlist Witnesses. Your will could be legally flawless and pristine, but if there are no witnesses to view you sign it, your will won’t be considered legally valid. Remember, viable witnesses are those parties who are not mentioned in your will.
Be Specific With Your Wishes. Allocate who will get your assets. For example, you could designate that your 401(k) retirement fund should be left with your spouse, partner or child, or you could leave your savings and investments to a dear family member. Whatever the case may be, don’t fill your will with opaque wording, as this will cause legal problems amongst your beneficiaries after your death.
For more information on smart retirement planning, visit www.kenhimmler.com, the IRA and 401(k) experts!
Authored By Kenneth Himmler, Sr.
