Getting Your Estate Plan Ready for Retirement

Wealth Management Expertise

Getting your affairs in order before you die is not a pleasant topic to think about, or discuss for that matter. But, it’s a vital part of your legacy. Preparing your estate ahead of time will help your loved ones follow your wishes and minimize disagreements and confusion after you are gone.

At AP Wealth Management, we encourage all our clients to prepare an estate plan (if you don’t already have one) and update it periodically. There’s no need to feel overwhelmed, we can recommend trusted attorneys who can help you prepare your estate plan.

Below are a few steps each person should take to prepare their estate plan for retirement.

Read and Review your Documents

While this isn’t necessarily fun, it’s important. Your situation, preferences, and relationships change from time to time and it’s important that your estate plan documents reflect these changes.

Have a conversation with your Personal Representative and Family

We encourage clients to discuss their wishes with their personal representatives and family so they understand their desires. Being able to ask questions before you’re gone is incredibly helpful to your loved ones – and can help minimize disagreements and confusion when you’re no longer there to clarify things.

Inventory your assets

Many people don’t have a good list of what they own and its worth. Pay attention to ownership and who is responsible for the liability. These things can affect your estate plan. One of the services we offer is also helpful in planning your estate – The Lifetime Financial Solution™ provides simplicity and clarity. By using this program, clients are able to view all their financial information in one place. This comprehensive system is designed to help high-income, high-net-worth clients with a total financial plan.

Check Your Beneficiary Designations

Life insurance proceeds and retirement plan assets pass according to the beneficiary designation, not your will. We have seen cases of previous spouses that were still the primary beneficiary on accounts and policies. Thankfully, we were able to assist clients with changes to their beneficiary designation prior to this awkward situation.

If you’d like to speak with one of our experienced financial advisors about your estate plan, we’d be happy to discuss your questions and or refer you to a trusted estate planning attorney to draft your documents.

Your financial stewardship partners,