Even if you do not consider yourself to be wealthy it is important to keep your estate plan in mind when retirement planning.
It can be tempting to think of different types of life planning in isolation. People do not necessarily start planning for how they want to live in retirement when they decide what courses to take in college and what type of career they would like to have.
Similarly, many people do not think about their estate planning when they are planning for their retirements. Estate planning is often left for much later.
However, this can be a mistake as Life Health Pro explains in "Bequest goals: more than just an issue for the wealthy. All of this should be part of the estate planning process.
The primary reason for this is that if you would like someone else to have a given asset after you pass away, then you need to make it so your retirement plan preserves that asset and that you do not have to use it. For example, if you would like to leave your home to your children, then your retirement plan needs to be sufficient enough for you not to have to sell the home to have funds to live on when you are no longer working.
This is true whether you have a large mansion or a more modest house.
What this means is that you should not think of life as entirely separate stages when you do your planning. Think about what type of estate you want to leave behind when you plan for your retirement and act accordingly.
Contact a qualified Birmingham estate planning attorney to help you make appropriate plans.
Reference: Life Health Pro (Aug. 9, 2016) "Bequest goals: more than just an issue for the wealthy."
For more information, order a free copy of our report The 7 Biggest Mistakes People Make in Their Estate Plan by clicking the link. You can also register for a free estate planning workshop by calling us at 256-251-2137 or visiting www.AnnistonEstatePlanning.com.