If you’re considering retiring in Idaho – even if you aren’t a current Idahoan – look no further. Idaho Estate Planning has the essential legal planning and information you need regarding your retirement strategy.
Protect yourself and your investments
If you have a current plan, keep in mind that it may no longer work. There’s a chance your estate planning documents will not relocate with you when moving interstate or that your documents may be expired, requiring amendment.
So, what do you do next?
The first step would be to get in contact with an attorney in your new state to review your present plan. For instance, if arriving in Idaho from California, there are substantial differences in your estate plan requirements. Having your current plan reviewed can ensure it will be revised as necessary to meet the provisions of your new state.
For those who have yet to create an estate plan, it is essential you get started with the process as this plan can:
- Guarantee your loved ones have access to your records, insurance policies, and titles if something happens to you.
- Prevent unintended beneficiaries from taking over your assets.
- Eliminate added stress and disagreements when family members attempt to decide who your belongings go to and how much.
- Ensure your children have something to turn to if something happens to you as the parent.
Without the latter protections provided by a formal retirement plan, there’s no guarantee where or who your assets will end up with.
Changes and preparations for retirement
Even if you don’t plan to move out-of-state for your retirement, there are other reasons you should get in touch with an estate planning attorney every few years.
After getting in touch with an attorney to go over your current plan, it is vital to review your risk management. A change in language used in your will, modification or replacement of a current trust, or an addition to allow you to start a charity endowment may need to be made.
Next, it’s a must to ensure all assets are up-to-date and relevant to your existing plan.
If you have a current estate plan, you may require a revision if any of the following changes have occurred since your last plan:
- Bought or sold a home
- A substantial change in assets (e.g., investments)
- Marriage or divorce
- A child or grandchild became an adult
- Family member(s) or spouse who passed away or became ill
- Career changes
As a general guideline, for any major life changes that have occurred, it is essential to edit your estate plan. However, if no major changes have happened, review every few years is still a must.
If you don’t have a plan yet, it is increasingly important for you to have one implemented in place. Besides an estate plan, consider these preparations prior to your retirement:
- Set an official retirement date.
- Reduce your debt.
- Calculate your expected retirement income and expenses.
- Decide where you’ll live.
- Keep in mind future medical and emergency costs.
Make sure your plan works
When your future is on the line, it’s always a good time to review, revise, or even start your retirement plan.
Regardless of your income, assets, or socioeconomic class, an estate plan is one of the most essential ways to protect yourself and your loved ones after you pass.
Your will, trust, health care proxy, financial power of attorney, and other legal protections are all provided by a strategic estate plan. Having expired documents or changes yet to be made to your current plan can potentially land you in trouble if you pass before revision is made.
But how do you know if your current plan requires a revision for sure?
Whether you live in Idaho or are planning to, visit our experienced team at our Idaho Estate Planning office, and we can help you decide if your current documents are up-to-date or require a change as an essential first step to your retirement. Contact us today, we'd love to meet you and help you make the right decisions for your retirement and your family.