Retirement and estate planning are essential regardless of the size of your estate or the number of dependents you have. In fact, young couples who are just starting out may have more reason to assess their situation and plan ahead than those who have acquired multiple properties and are getting ready to retire. If you want to protect your family and ensure their security by devising a comprehensive estate plan, turn to the personal financial planning team at Wilson, Rea, Beckel & Associates CPAs LLC in Pagosa Springs, CO.

5 Tips for Retirement & Estate Planning

1. Draft a Will

A will is the simplest estate planning document you can create, and everyone should have one regardless of their financial situation. In a will, you can establish guardianship for any minor children, bequeath treasured possessions to your loved ones, and state any last wishes regarding funeral arrangements. Since you can update a will at any time, it is never too early to create one.

2. Create a Health Care Directive

A health care directive, or living will, is a document that grants someone the authority to make medical decisions on your behalf. You can also use it to state your preferences regarding the extent of medical care you would like to receive should you ever become incapacitated.

3. Consider Establishing a Trust

If you have significant assets you want to protect for your loved ones, you may be considering establishing a trust. When you place property in a trust, it does not have to go through the probate process upon your passing. Creating a trust can also reduce your loved ones’ tax liability after you die.

4. Determine Your Life Insurance Needs

If you have a spouse or children, a life insurance policy will ensure they will not struggle financially should you pass unexpectedly. There are dozens of ways to calculate how much life insurance you should purchase. A professional advisor can assess your situation and help you determine what kind of policy your family needs.

5. Create a Succession Plan for Your Business

If you own a business but you do not currently have a succession plan in place, make devising one a part of your retirement and estate planning. If you have business partners, review the buyout agreement periodically to ensure it is still a feasible arrangement for all parties involved.

If you want to start retirement and estate planning, turn to Wilson, Rea, Beckel & Associates CPAs LLC in Pagosa Springs, CO. To explore the comprehensive financial services they provide, visit their website. You can also call (970) 731-1040 to schedule an appointment today.