13 May Plan For Retirement the Smart Way – What You Need to Know About End-of-Life Documents
Whether you had Covid or saw loved ones pass away from the disease, creating an end-of-life document such as a will or trust is more important than ever. What is surprising is that most adults in the US don’t have either set up. A whopping 67% fail to make arrangements to ensure they can live comfortably during their Golden Years without worrying about money or their family.
Critical End-Of-Life Documents You Should Consider Creating
As you approach your 60s, the last thing that should be on your mind is whether your medical needs will be met or how your family will fare when you are not there. The top two end-of-life documents include the following:
A will is an end-of-life document outlining how your assets will be distributed after your death to designated individuals. These can be heirs or beneficiaries. You can also include instructions for specific decisions such as appointing an executor for the will, necessary guardians for minors, and instructions for your funeral and burial arrangements.
Once an executor is appointed, they can select a trustee responsible for holding assets for specific individuals. This can include an inheritance that any minor children in your family can receive once they come of age. It has to be signed into effect in a probate court by the executor of your will.
A Living Trust
A living trust is also an end-of-life legal document created during your lifetime. As the trustor (or grantor), you need to designate a trustee who will be responsible for managing your assets for your beneficiaries.
This document streamlines asset transfers to beneficiaries without the need for an expensive and complex probate legal process. The trustee will be responsible for all assets and property that flow into a trust. A living trust is also easy to change.
As you grow older and your children become adults, you may have to rethink certain assumptions after certain life events. For this reason, re-visit this plan every few years or so to make changes where necessary.
Contact Guideway Legal Document & Mediation Services, Inc Today!
If you have significant assets or are unsure which end-of-life document you should consider, it pays to have professionals on board. Whether you want to establish a will or a living trust, Guideway Legal Document & Mediation Services, Inc can help. Reap the benefits of either of these documents without the stress.
We have years of experience helping people like you create and maintain robust retirement plans and ensure their assets are protected for beneficiaries. Get in touch with us for a consultation today!