Estate planning should be part of planning for retirement

Nevada residents might agree that planning for retirement brings up images of lazing by the pool, taking fun trips and spending time with grandchildren. Many people do not want to consider the other facet of planning for retirement that is important for them and their families — estate planning. No one wants to contemplate death while planning for the so-called golden years, but family members will be grateful when the time comes.

Creating an estate plan not only allows Nevada residents to control who receives their assets after death, but also provides them with the ability to control how those assets are distributed. However, death is not the only eventuality for which estate planning provides. The possibility of becoming incapacitated and being unable to make decisions for themselves necessitates a different set of documents, such as powers of attorney and medical directives.

Because life is unpredictable, anyone 18 years and older should have at least a basic estate plan. Parents should also have at least a will since a guardian of any minor children can be appointed in that document. It is not necessary to be rich or own many assets in order to have a plan.

Every individual has different desires for how to spend the retirement years, and he or she should plan for them. Estate planning is just the part of retirement planning that is often considered to be more for family members since it could save them time and money in probate court. The incapacitation or death of a loved one is stressful enough without having to guess what he or she would have wanted. Furthermore, an estate plan can eliminate — or at least minimize — the development of any rifts between surviving family members.

Source: federalnewsradio.com, “Estate vs. retirement planning: You bet your life, literally!“, Mike Causey, Feb. 3, 2016