Retirement means two things. One, preparing to finally enter a post-work world where you can finally sit back, relax, and enjoy the best that life has to offer. Two, it means preparing your loved ones for a life after you’ve passed on.
Starting your estate and inheritance planning early on means you can get it sorted, don’t have to worry about it, and can actually offer your loved ones more when you pass than you thought (usually, at least, as this depends on your exact situation).
Getting your estate and inheritance plan in order doesn’t have to be a struggle, either. You can speed through the process with these top tips and then sit back and relax through your retirement the way you deserve right after:
Start Investing Your Assets
One of the best ways to start getting your finances in order, even during your retirement, is to start investing it. Yes, there’s no guarantee you will actually be able to grow your savings this way, but it is one of the only methods you can use the money you have to make more without having to go back to work.
Now, investing and managing your assets is a full-time job. Unless that’s something you want to jump into, you’re actually better off with asset management.
Asset management, specifically when it’s fee-based rather than a commission can help you keep track of your assets so you can plan for your future. Not only can you hand over the keys and check in on your assets when it suits you, but you’ll also be walked through the whole process. This way, you can decide for yourself if a specific fund is right for you or if you want to change how your portfolio is being managed.
Get Your Debts in Order
If you have outstanding debts, then now is the time to settle them. Remember that even long-standing debts, like your mortgage, count. You will want to ideally either pay off the rest of your mortgage, car loans, and the like, or work out ways that you can lower those repayments as much as possible (for example, you can sell a share of your mortgage to release equity, or if you are over a certain age you may be able to get a home equity conversion mortgage that lets you get the money for your home while remaining in it until you pass on).
Getting your debts in order will mean you have more money to work with and rely on during your retirement. It also means that your loved ones can inherit more after you pass on.
Create Your Trust
If you have significant assets (index funds, property, belongings, savings, etc.), then you should consider starting a trust. A trust is the easiest and most efficient way to transfer assets with minimal friction, since you can decide who will manage the trust, who the beneficiaries are, and more. Trusts are also commonly used to minimize things like estate taxes, and can even protect your assets from being seized by creditors in certain circumstances. If you want
Get Your Will in Order
You want to enjoy your retirement, so before you take a break, you will want to create a will. This will include setting out who your beneficiaries are, who has power of attorney, your end-of-life wishes, who gets your life insurance payout, and more. Use an attorney and their will-keeping services to make sure your will is adhered to properly.
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