Making arrangements for the future after we’ve passed is not always the most pleasant thing to think about, but it is important. Estate planning is a critical step in making sure all of your loved ones are provided for and that everyone knows exactly what your final wishes are. To make retirement and estate planning easier, you should work with an efficient accountant like those at Wilson, Rea, Beckel & Associates CPAs LLC in Pagosa Springs, CO. First, prepare yourself for the process by considering the following questions.

Will You Make a Will or a Living Trust?

These are two similar options for retirement and estate planning. You should discuss both options with your accountant before choosing, but the basic difference is that a living trust is executed faster and more affordably.

While a will has to go through probate and potentially court proceedings if it’s disputed), a living trust is executed privately and immediately. However, while a will can provide instructions for your entire estate, a living trust can only cover what is directly in its control—meaning you have to place your assets into it at some point before you pass.

Who Will Be Your Financial & Medical Power of Attorney?

In the event you become too ill to manage your own affairs, you should already have a clear power of attorney in place who will have the authority to make decisions on your behalf. The financial power of attorney will be able to make all decisions regarding your finances and property.

Your medical power of attorney will make the tough calls about treatment options based on criteria you set up in advance with your accountant. You can choose two different individuals for each of these roles or grant them both to the same person.

What Legal Agreements Have You Entered Into?

This includes prenuptial, postnuptial, and community property agreements—even if the contract you entered into is in the past and no longer relevant, mention it to your estate planning accountant. When it comes time to execute your will, you don’t want to risk a disgruntled heir coming out of the woodworks. It’s better to over-prepare now by bringing up every legal agreement you’ve entered into and letting your accountant decide which ones are relevant to the estate planning process.

If you want to make sure your affairs are in order and you’re retirement plans are in place, call Wilson, Rea, Beckel & Associates CPAs LLC in Pagosa Springs at (970) 731-1040 or visit their website to schedule an appointment. In addition to a range of fantastic financial services like tax planning and personal financial planning, their highly experienced accountants offer retirement and estate planning help. They’ll help you plan out each and every detail so you can enjoy your retirement without worrying about your affairs.