Most people plan out their entire working careers so that they can enjoy life in retirement. This is supposed to be the time of endless vacations and taking up new hobbies like golf or tennis. However, for many people, it is also the time to think about planning for the future, especially when it comes to estate planning. Nobody likes to think about the day they die, or the path leading up to it, but it is important to think about and plan for so that you and your family can be as prepared as possible.
Setting Up a Plan
As you get closer to retirement, or start retirement, you need to think about your plans. A recent SmartMoney article about How to Catch Up on Retirement Savings highlighted this point very well. It is extremely important to think about your end of life plans, including a will, trust, and different types of insurance plans to meet your needs.
The bottom line was that the choices and options are getting larger, and many people aren’t planning, which is making things more difficult. Now is the time to make a plan and work the plan.
Part of setting up your plan is considering your options, especially for products like long term care insurance. Long term care insurance is one of those items that many people don’t think about, but most people will need. In fact, around 80% of all adults will need some type of care at some point in their lives. That is a huge amount of people.
Regardless of what you choose for insurance types and how you setup your trusts or other documents, it is important that you tell your family and share with them your wishes. You need to know that they understand your wishes, and can help execute them if necessary. Now is a good time to find out if they aren’t comfortable executing your wishes, so that you can find someone else who can and will.