Estate planning is something you should begin to think about early in life. For example, most people realize in their 20s or 30s that an estate plan is a must.
By the time you reach your 50s, you will look back and realize that a lot has changed over the years. For example, the estate plan you created when you were 30 may not make sense any longer.
Here are some top points to consider when it comes time to create or review your estate plan in your 50s:
-- Begin to think about retirement. Even if you have no plans of hanging up your work boots, you still need to plan for the future. You are closing in on retirement age, so make sure you have a sound plan in place for helping you live the life you have been dreaming of.
-- Think about your children. At this point in your life, there's a good chance that your children are in college or closing out their high school career. You may want to make changes to your overall financial plan to help your student pay for college.
-- A change may be necessary. When you reach your 50s, things begin to change with regard to your financial situation and future. For example, you may no longer feel that a will is the best estate planning document. Instead, you may want to create a trust for passing down your assets to the next generation.
-- Consider your career. Will you continue to work past retirement age? Are you interested in selling your business? Just because you are getting older doesn't mean you should be any less excited about your career.
As you reach your 50s and begin to think about the future, don't lose sight of your estate plan.
Estate planning is a big deal during this time of your life, as there are many things changing around you.
If you find that your estate plan is not everything you want it to be, it's time to make a few key changes. Once you have a better plan in place, you can look toward the future with a high level of confidence.