Peak 65 – Estate Planning at Retirement

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In 2024, more people are expected to turn 65 than ever before. It’s called “Peak 65” and according to the US Census Bureau, as many as 12,000 Americans per day will be turning 65 this year. This is the age that many Americans associate with retirement. This stage of life is also a great time to make sure your estate plan is up to date.

Retirement is a major transition period. Whenever there is a major change in your life, it is a good idea to review and update your estate planning documents. Estate planning involves organizing and managing your money and property so that it can be distributed to your desired beneficiaries at your death with maximum efficiency. It also involves naming agents that can act for you if you become incapacitated and are unable to make financial and health care decisions.

Avoiding probate and planning for incapacity are two important reasons to do estate planning. It is best to plan ahead rather than leaving things to chance. Placing real estate into a trust allows you to pass it on to your desired beneficiaries without the need for them to go to probate court after your death. It also allows for flexibility in the way that property is distributed, which is especially important for minor children or those with special needs. Naming the people you trust to help with managing your money and property and making health care decisions on your behalf are additional benefits of planning ahead. If you prepared a Will and even a Trust when your children were born or when you purchased your home, there are most likely some updates that need to be made to who you would like to name as your Successor Trustee and agents for financial and health care decisions.

If you or someone you love is planning for retirement, this is a great time to consider updating or putting in place an estate plan. If you would like more information tailored to your particular situation, please don’t hesitate to call me at 801-874-4546 to schedule a free consultation. I am an estate planning attorney in Spanish Fork, Utah. I provide estate planning services in Utah County and beyond.

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