Legal Documents Retirees Need to Start Their Estate Plan

Before you step into retirement, take the time to create legal documents that will protect you and your assets now and after you pass. Discover the steps you need to take now.

Get peace of mind with a comprehensive estate plan

Trustpilot star rating bar
legal documents retirees need to start their estate plan

Contents

Updated on: January 22, 2025
Read time: 4 min

Before stepping into retirement, it's essential to take the time to create legal documents that will protect you and your assets now and after you pass. Most people plan to create only a will to distribute their assets, but there are other documents that are necessary to have a complete plan.

Legal documents retirees need to start their estate plan.

Setting up a complete estate plan will help you plan for all eventualities and relax into your new life, whether for you, that means hitting the golf course or packing up the RV.

Why you should make an estate plan now

Retirement is a signal of change. "It is always good to review your estate plan whenever you have major changes to your life, be it a new job, marriage, birth or adoption of a child, retirement, or death in the family," suggests Matthew Erskine. Esq. of The Erskine Company in Worcester, Massachusetts. "This is because some of the assumptions you made when you [initially] drafted and executed your estate plan may now no longer be valid."

Your family may be different, say with added grandchildren or a new spouse. Now that you're retiring, you're also changing how you earn, manage, and spend your assets.

Erksine points out that a new law called the SECURE Act has changed how some retirement plans will be distributed to your heirs after your death, so it's important to work with a financial or legal specialist who can help you understand what will happen with those accounts, as well as how you might want to change your estate plan in response.

Why you need a will

A will is an absolute requirement for estate planning, because, without one, state laws decide which of your relatives get your assets. Steve Weisman, Esq. with Margolis and Bloom in Boston explains, "With the laws of intestacy, your estate may well not go to the people you wish and in the amounts that you wish. A well-prepared will can specify the conditions and circumstances under which people will receive assets. You cannot do this if the estate is passed intestate." A will also allows you to leave gifts to charity, which are not an option under intestacy law.

You'll want to be sure your will meets your state's unique legal requirements so that it is enforceable, which means making sure it is signed and witnessed correctly. A key decision about the will is your executor, the person who will be responsible for getting the will probated and distributing your assets. Select someone who is responsible, and be sure to ask them first.

The benefits of a living trust

While a will and a living trust both lay out how to transfer your assets after you pass, there are some key differences between them. A last will may be easier to set up, but it often needs to go through the court probate process after you're gone. A fully funded living trust should avoid probate, which can save time and money and avoid being part of the public record. But transferring your assets into a trust can take time and require additional paperwork, so be sure to talk to an attorney about whether a trust is right for you.

How to protect your healthcare rights

Staying healthy is probably a huge focus for you right now, so it's smart to get legal documents in place to protect all of your healthcare rights. A healthcare directive is the way to spell out all of your end-of-life healthcare wishes.

Weisman explains that you can also appoint a healthcare proxy (aka healthcare power of attorney) "someone to act on your behalf to make healthcare decisions which may, if you wish, include the ability to terminate treatment, but also include the ability to approve various treatments. You get to choose the person to make the decisions on your behalf and even set certain conditions if you wish."

It's important to talk with the person you choose to be sure they are willing to take on the responsibility and to discuss what your actual wishes are.

How to safeguard your financial affairs

Most people assume that an estate plan has to do with what happens to your assets after you die. While that's an important component, you also want to take steps to make sure that your financial affairs will be protected throughout your lifetime.

Weisman explains that a durable power of attorney "allows you to appoint someone to make financial decisions on your behalf if you are incapacitated. If you do become incapacitated and do not have a durable power of attorney, the courts may have to appoint someone as your conservator to make financial decisions on your behalf." You definitely want to have control over who will manage your finances, so a power of attorney is a must.

The person you choose will be able to manage your bills, investments, real estate, business, and even make gifts on your behalf. It's a huge responsibility, so you'll want to choose someone you trust who understands your wishes.

Doing the necessary legal work now will mean that your retirement years can involve less worry and more time to enjoy the people and things that you love.

Get peace of mind with a comprehensive estate planStart my estate plan
Twitter logoFacebook logoLinkedIn logoReddit logo

This article is for informational purposes. This content is not legal advice, it is the expression of the author and has not been evaluated by LegalZoom for accuracy or changes in the law.

89 days ago
Trustpilot star rating bar

legal zoom is the way to go

The representative was very knowledgeable about how long it takes to transfer a deed from one person to the next he explained everything and he was very pleasant when speaking to him

Ross
89 days ago
Trustpilot star rating bar

I find that LegalZoom has all the…

I find that LegalZoom has all the answers if you're starting a business an LLC and incorporation or you're doing a trust or a Will. These are the people you want to trust don't go to an expensive attorney you're just throwing your money away. Legal soon gets five stars!

Sean Christopher
89 days ago
Trustpilot star rating bar

I spoke to the representative today about a Trust...

I spoke to the representative today regarding a question about an existing Living Trust. She was very helpful - told me exactly what I needed to know and how to accomplish it. As a representative in the Financial field I guide clients all the time on where to get documents done right - and its always LegalZoom - easy and effecient!

Gareth
98 days ago
Trustpilot star rating bar

We could not be more Pleased with the…

We could not be more Pleased with the help and service we had during the up dating of our Living Will and Advanced Directive

Richard Poulton
101 days ago
Trustpilot star rating bar

Legal Assistance for the rest of us

Legal Zoom has made it easy and affordable for us to create an LLC, a Will, and a Trust for our families.

K Chapman
104 days ago
Trustpilot star rating bar

pleasant and willing representatives…

pleasant and willing representatives ready to help me navigate through your system and supply attorney contact information for my legal questions for my last will & testament

Mark Impink
104 days ago
Trustpilot star rating bar

LegalZoom .com has exceptional, real, staff to help. I met one!

I purchased multiple accounts to update both our Living Wills and Estate Plans. After utilizing LegalZoom.com’s user-friendly and intuitive platform for these legal documents, I found it necessary to call for clarification on some information within our account. I spoke with Sandra Balderas, who expertly addressed the mistakes I had inadvertently made. Her professionalism and friendliness greatly enhanced the experience. I realized that LegalZoom is not only a straightforward website to navigate for such complex matters, but it also boasts exceptional employees. Thank you, LegalZoom.com, and especially Sandra Balderas, for guiding me through the process. I’m thrilled to have discovered LegalZoom.com.

Max -Phoenix, Arizona
104 days ago
Trustpilot star rating bar

Sarah was most helpful today regarding updating my estate plan

Sarah was most helpful today regarding updating my LZ docs created 3 years ago. She made sure I had all the information I needed, not just what I asked for. Thank you Sarah!

Diane Floyd
110 days ago
Trustpilot star rating bar

Quick and easy experience creating a…

Quick and easy experience creating a will package.

Kristin Steel
115 days ago
Trustpilot star rating bar

Used them past 10 years

Used them past 10 years. I needed another will and power of attorney.

MERLYN C
115 days ago
Trustpilot star rating bar

Tammy was wonderful and very…

Tammy was wonderful and very knowledgeable. It's because of her that I am going to open a living trust with legal zoom. She was great. Thank You

Erin
123 days ago
Trustpilot star rating bar

Pleasant Experience

Patience and weel given explanation about the process of how a "Living Trust" & "Deed" works after transitioning and guidance on how to contact an attorney whenever I need legal advice.

Sharron Martin
125 days ago
Trustpilot star rating bar

It was a breeze to deal with Legalzoom…

It was a breeze to deal with Legalzoom and finished my estate plan within an hour!! Thanks again

BT
129 days ago
Trustpilot star rating bar

Great team…

Mark and Legal Zoom make estate planning affordable and attainable.

Christopher Maginnis
161 days ago
Trustpilot star rating bar

Living Will & Forming my LLC

I have used Lega Zoom for several items, including my living will and items to form my LLC for my business. It's fast, easy, and thorough. The customer service is fantastic! I am working with David on a few items for my will,l and he has been a delight. He follows up when he says he will and is incredibly helpful. I highly recommend this company.

Kristen J
173 days ago
Trustpilot star rating bar

Nadia made it very easy for me to make…

Nadia made it very easy for me to make a decision to sign up and create my estate planning documents with legalsoom. She was very professional and knowledgeable about the package that I chose. She also offered her direct contact for any future questions I might have.

Melita D'Anna
182 days ago
Trustpilot star rating bar

Kylie helped me to review my history of…

Kylie helped me to review my history of trying to complete my estate plan and contacting a legal advisor that comes with my account. She was patient, knowledgable, and helpful.

Paula
186 days ago
Trustpilot star rating bar

I have worked with Mark Champ on… Last Will & Testament, Living Will, Quit Claim Deed

I have worked with Mark Champ on several documents I needed and every time he has provided me with every thing I needed and with so much graciousness and knowledge. It has always been such a pleasure working with Mark!!!!!!!!!!!!!

Cathy Donaldson
221 days ago
Trustpilot star rating bar

Most Dedicated Representative!

Patti Green was the most informative person in guiding me through the process of completing my estate plan . She was always there for me to answer my questions and give excellent advice . Also , she was very polite and considerate ! Legal Zoom is so fortunate to have Patti on their team . Thank you , Patti for all of your assistance and kindness !

Priscilla Page
299 days ago
Trustpilot star rating bar

Patti Green is GREAT!

Ms. Patti Green walked me through the Estate Planning process. She was very professional, patient and kind. Planning for when you are no longer here is very intricate and difficult. Working with Ms. Green helped give the assurance that I am doing the right thing for myself and loved ones.

TRINESSA
Rated4.6out of 5 based on24,525+ reviewson

Showing our favorite reviews