Retirement and estate planning are two closely related matters that are often challenging to balance. After all, you’ll need to prioritize your own finances before you can consider what you want to leave behind for others. Fortunately, by balancing your goals and working to find effective solutions in advance, you can live a comfortable life in retirement and still take care of your children financially when you’re gone.
If you are currently attempting to balance your estate planning needs with those of your retirement plans, do not think that you have to navigate the path on your own. The experienced estate planning attorneys of Teddy, Meekins & Talbert are here to help you understand the many options available to you and assist you with planning for your retirement and your estate.
Making a Retirement Budget
The importance of a retirement budget should not be overlooked. People who are on budgets will make much sounder financial decisions that will benefit them long-term. Those who do not plan appropriately often overspend early and create very costly problems for themselves later on.
You budget will need to include important fixed expenses, such as housing, vehicles, insurance and utilities, as well as variable costs like food, clothing, entertainment and other consumer purchases. It is prudent to give some consideration to increased health care costs that often come with older age. You will have to determine which of your costs will be fixed as opposed to flexible in order to plan accordingly.
Estate Planning and Creating a Will
The first step in almost any estate plan will involve the creation of a will. A will typically establishes guidelines for the distribution of a person’s assets after they die. Without a will, a probate court must determine beneficiaries in accordance with state intestacy laws. This can be a challenging and difficult process to navigate, so protect your loved ones’ interests by clearly outlining your wishes ahead of time.
Trusts can also play an important role in estate planning. Depending on your situation, a trust may allow your heirs to avoid the probate process entirely and also minimize estate taxes.
How Much Do I Need for Retirement vs How Much Should I Leave Behind?
Many people struggle with the appropriate amount to leave behind for their children. The figure will vary depending on many specific factors, including the amount of money you’ve saved, how many beneficiaries you’d like to distribute to, and other considerations unique to your situation.
In virtually all cases, retirement usually requires the much greater funding concerns. Estate planning concerns can always be addressed later and adjusted as needed.
How Can Teddy, Meekins & Talbert Help Me?
When you are trying to determine the best balance of retirement and estate planning, you need to work with an experienced legal team. The estate planning attorneys at Teddy, Meekins & Talbert have helped many people just like you create a comfortable, well-organized retirement plan that carefully considers their family’s future as well.
You can have our attorneys review your situation and answer all of your legal questions as soon as you call us or contact us online.