It is never too early to write a will, nor is it too late to make revisions and ensure that your estate plan truly reflects your intentions. It is generally wise to revisit your will during significant milestones of your life, such as when you are preparing to retire.
Whether you already have a will in place or if you are preparing your estate plan later in life, there are a few key items to consider that are particularly relevant for individuals approaching retirement. You can ensure that your will stands to fully protect your interests by addressing these items in your will.
1. Updated executor
An executor is an appointed individual who administers your will during the probate process following your death. Naming an executor is a natural part of writing a will, but it is prudent to confirm your choice of an executor as you approach retirement to ensure that your chosen individual is still willing and capable.
2. Medical directives
You can include advance medical directives in your will that outline the type of care you wish to receive if an illness or condition renders you unable to voice your wishes. Updating your will with new medical directives can be a good idea if conditions arise as you age.
3. Power of attorney
A power of attorney is a transfer of decision-making authority to a trusted individual if you become unfit to make decisions for yourself. Your chosen representative can oversee matters of estate and finances according to directions provided in your will.
Having a will ensures that your estate passes on to your beneficiaries as you see fit, but it can also do much more for you. Accounting for all key considerations in your will ensures the safeguarding of all your affairs and even your health.