Retirement-ready Estate Plans in Oklahoma
Beginning your retirement is a great milestone that is worth celebrating. You have put in many years of hard work, and you are now able to focus your energy on the next phase of your life. So, retirement's here, and guess what? It's about to shake up your estate plan. Before diving into this next chapter, take a moment to ensure you've thoroughly contemplated this exhilarating shift in your life.
Things to Consider When Beginning Your Retirement
With this new chapter come certain estate planning issues that you need to consider.
If You Have an Existing Estate Plan
Establishing a meticulously crafted and legally valid estate plan sets a strong foundation for the well-being of both you and your cherished ones. Yet, bear in mind that estate planning is an ongoing journey, not a one-time affair. Regular review, ideally on an annual basis, becomes paramount—especially after significant life junctures like the commencement of your retirement. As you delve into your existing plan, keep these vital inquiries at the forefront:
Has the landscape of your property and financial accounts remained constant since the inception of your plan? Are you forecasting their balances upon your passing? Chances are, during your working years, you diligently contributed to investment and retirement accounts in preparation for the next chapter. While you might be in a substantial position now, be cognizant that this worth might dwindle as you initiate withdrawals.
- Is your plan anchored in the assumption that your offspring or young beneficiaries remain minors? An estate plan frequently takes root after the arrival of a child. However, after its formulation, many parents continue their journey without revisiting their estate plan. If it's been a considerable stretch of time, those once-minor children might now be adults or nearing adulthood. The focus might shift from selecting guardians to ensuring your adult children's needs are suitably embedded within your documents.
- Is your plan banking on the payoffs from an employer-provided life insurance policy? Employer-sponsored life insurance often forms part of compensation packages. Yet, this policy might not persist post-retirement. If you were counting on these proceeds to provide for your loved ones upon your demise, alternate avenues will need exploration.
- Do you desire to alter the quantum and distribution method of your beneficiaries' inheritance? Given the passage of time, are the designated amounts and mechanisms for disbursing assets still congruent or viable? Picture this: your will or trust mandates $300,000 to be held in trust for your sole child's benefit, with distribution upon their thirty-fifth birthday. Is it plausible that your assets will fall short of the $300,000 mark at your passing, and what aspirations might be compromised? Additionally, if your child is now thirty-five or older, the provisions in your documents would naturally bestow assets upon them. Does this accord with your current stance? With your child's growth and your enhanced insight into their needs and capabilities, a reconsideration of how they receive assets could be warranted. Their circumstances might demand more than initially envisioned, or perhaps their self-sufficiency obviates the need for an inheritance from you.
If You Do Not Have an Estate Plan or Have Not Completed It
Don't put off taking action any longer. The only true safeguard for you and your loved ones lies in having a deliberate, legally binding estate plan. To kickstart your estate planning journey, it's crucial to evaluate your evolving lifestyle and address pivotal questions such as the following:
- What assets and property are under your ownership? An all-encompassing plan hinges on a clear understanding of your holdings and their values. Armed with this information, we can chart the course for the disposition of your assets in situations where you're unable to care for yourself and at the time of your passing.
- What are the present needs of your loved ones? Tailored to your individual circumstances, identifying your loved ones' requirements becomes paramount—be it support during your lifetime, if necessary, or provisions for the future.
- Can your objectives be realized with your current resources? Collaborating with seasoned experts, you can dissect responses to the initial queries and gauge the feasibility of realizing your wishes. We'll explore every avenue and devise the optimal solution for both you and your loved ones.
We're thrilled to stand by you as you embark on this fresh chapter. A part of this celebration involves a rendezvous with your financial and estate planning team, ensuring the festivities continue for years to come.
Estate Planning Attorneys Oklahoma
Whether you're in the process of fine-tuning your current estate plan or venturing into crafting your very first one, our team is readily available to assist you. Don't hesitate to get in touch and initiate the dialogue. Give us a call today at 405.701.6197 to arrange a complimentary consultation, ensuring that your estate plan is designed to empower your retirement journey.