Retirement is a time for winding down your work life. But it also is a change in your life. Normally, retirement starts in your 60s, specifically around the middle of your 60s.
During this time, you will need to have a few documents create and validated to carry out all of your wishes. For peace of mind, the sooner you create these documents, the better.
Your living will
A living will, also known as an advanced healthcare directive, is a document detailing a person’s desires regarding their healthcare while they are no longer able to express consent. A living will answers the question ‘what do they want me to do?’ at times of coma, no brain activity or other events.
Living wills are only one form of advanced directives. Others might be a power of attorney or a health care proxy.
Last will and testament
A last will and testament is a legal document that details what you would like done with items in your estate. This document must acknowledge a spouse and all children.
Your will should also follow all the rules of the state that you live in. This concerns the format, the naming of persons in your will and for the designations of the items named in your will. If not, probate court could say that your will is not valid, and the result will be similar to never having a will at all.
Life insurance
Life insurance is an insurance that someone can carry on themselves or others that results in monies given at the time of their passing. When you take out a life insurance policy on yourself, you should think about the amount needed and who your beneficiary is (usually it’s your spouse or children).