Estate Planning for Retirees, Part Two

Welcome back! We are here to talk more about how retirees should plan in the event of an untimely death. Estate planning in Raleigh is it something that most people rarely think about, especially during the joy of retirement. This time is happy and exciting. Estate planning isn’t fun or exciting. In fact many people find it boring or sad, and sometimes it can cause anxiety. However, it’s important to make sure you have everything in place, should you pass. If not for yourself, consider your loved ones. They’ll have trouble with distributing assets in a timely manner if you don’t have an estate plan. Your assets can go through probate and could take quite a while to be released.

Estate Planning in Raleigh for Retirees

Retirement is actually a great time to begin estate planning in Raleigh if you haven’t already. It’s also a great time to update your current plan. Many times, things change in life. Many people don’t realize what needs to be changed or updated within their estate plan.

Below, you will find several tips that can help you. These tips will help you get started on your first estate plan or help you update information that is no longer valid.

A trust can be helpful in an estate plan. This is a more private way to pass your assets down as well as appoint a trustee to handle the administrative duties. In some cases, a trust can also lower estate taxes. Here are a few more ways having a trust may help:

  • Avoid probate
  • Allows your affairs to remain private rather than become public record
  • Gives you protection from court challenges
  • Although rare, there have been cases where a living trust or will has been challenged in court. When this occurs, a living trust might be harder to contest.
  • Help you avoid a conservatorship

Having a trust may help with all these things. To learn more about a trust, contact our estate lawyer in Cary NC. They’ll be able to assist you, answer questions, and clear up any confusion about this type of document.

Do you have a Roth IRA? If so, it’s important to consider these assets within your estate plan. Just like a checking and savings bank account, the Roth IRA account should be included in your list of assets. Many times, people convert their traditional retirement plans into a Roth IRA. In some cases, there are tax benefits to doing so. It’s important to talk with a Certified Financial Planner about these situations.

If you missed our previous blog post, we talked more about estate planning for retirees. Be sure to check back for more information.

Estate planning is one of the most important parts of life that often gets overlooked. If you’ve yet to begin planning or haven’t updated in a while it might be time to think about doing so.  Just contact our estate lawyer in Cary NC to begin estate planning, today. As always, for more information from Klish and Eldreth, PLLC be sure to visit back with us, soon! If you have any questions, contact us concerning any and all estate planning concerns!

Klish and Eldreth | Estate Lawyer Cary NC

Are you looking for an estate lawyer in Cary NC that can help you?  Contact Klish and Eldreth, PLLC to schedule a consultation with us to get started with your estate plan. We are here to help you with all your legal matters, whether it be estate planning, trademarking, copyrighting, or DWI issues.

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