Why Arizona Retirees Need an Estate Plan Right Away

Let’s make one thing clear up front: everyone needs an estate plan, sooner than later. Even young adults need to have a plan in place just in case something unexpected happens. But if you’ve made it to retirement without an estate plan—or if you haven’t touched your estate plan in years—then it’s especially critical to take care of it as soon as possible. Here’s why.

It’s important to make your estate planning decisions while you still have capacity

No one wants to think too much about the possibility that they may experience age-related mental decline. But the reality is that you may not have your faculties forever, and once you hit the point where you can’t make these decisions for yourself, someone else is going to make them for you. Moreover, if you try to make an estate plan at a time when it’s unclear whether you have the capacity to do so, your Last Will and Testament and other estate planning documents may be challenged in court.

The best option, then, is to put your estate plan in writing now to ensure your wishes will be followed even if you later become unable to make your own decisions.

Planning ahead can protect your legacy from long-term care costs

One important consideration in estate planning is long-term care planning. By planning ahead, you can ensure that you will be able to qualify for government programs like Medicaid if you eventually need to go into a facility such as a nursing home. If you don’t plan far enough ahead, though, your assets may need to be spent down.

As a retiree, your financial situation may be more complicated

This is especially true for those who retired to Arizona from out of state and may still have assets in their prior states. Retirees also have assets that have their own rules to transfer on death, such as retirement savings, life insurance policies, and pension benefits. So, even if you did complete an estate plan when you were younger, that plan may not cover all of your current assets or reflect your current wishes and the needs of your family.

Estate planning allows you to secure the future of your vulnerable family members

Whether you have an adult child with special needs, minor grandchildren, or another family member who needs care, it’s important to ensure that their needs are met after you’re gone. An effective and comprehensive estate plan can do just that, with tools such as special needs trusts to ensure that resources are available for that family member with oversight that ensures they will be protected.

There’s incredible peace of mind in knowing that your final affairs are taken care of

Remember, an unexpected death or incapacity can lead to difficult decisions and, often, legal battles between your family members—the last thing they need while they are grieving and putting their lives back together. With an estate plan in place, you can rest assured that your final wishes will be honored and that the process upon your passing will be handled as smoothly and easily as possible. That’s not just about the future; it’s an opportunity to gain peace of mind in the present and get back to fully enjoying your retirement.

The most important part of estate planning is simply to start making a plan. The second most important part is to get good legal advice. That’s where we come in.

The experienced estate planning attorneys at Brown & Jensen are here to help Arizonans of all ages and from all walks of life plan for life’s challenges. Give us a call or contact us online today.

"Very professional. Very personable. Very approachable. Discussed process in simple, easy to understand terms. Scott made this entire process painless and easy!" ─ Richard, ⭐⭐⭐⭐⭐