If you’re planning your retirement in Louisiana, you may also want to work on your estate plan. Your estate plan can be completed alongside your retirement plan while you already have all of your financial documents in front of you. Here are five reasons why retirement planning should include some estate planning:
#1: Estate planning helps organize your finances
When you create an estate plan, you must catalog every single asset and debt that you own. Doing this is vital for your estate plan, and it can also help you to better understand how to accomplish your retirement goals. By taking a closer look at all of your finances, you may get ideas about how to maximize your investments.
#2: You need to protect yourself in case of incapacity
The powers of attorney that you set up in an estate plan are also important for your retirement plan. The agent that you appoint can act on your behalf to make crucial decisions if you are incapacitated during your lifetime.
#3: Your business won’t be impacted by your retirement or death
Many people dream of starting a business that will continue long after they’re no longer able to run it. During the estate planning process, you can set up a plan for the continuation of your business. This may include a plan for how your business will be handled during your retirement and after you’re gone.
#4: Your estate can remain private
When a person dies with no estate plan, their family must go through a lengthy probate process that becomes a matter of public record. Doing even the minimal amount of estate planning may help to keep your family’s finances private.
#5: Protect the interests of your beneficiaries
Last but not least, including estate planning in your retirement planning may help to protect your beneficiaries if something happens to you. If you have a particularly large estate or your beneficiaries have complex needs, you may want to consider setting up a trust.