Estate Planning Means More Than Just Settling up Your Finances
April 10, 2013
Estate planning encompasses a wide range of concepts that, despite what might come to mind for people in Los Angeles, are not limited to financial concerns. In fact, estate planning is a comprehensive strategy that addresses concerns both financial and non-financial.
While creating a will is obviously important because it describes what happens to a person’s assets after death, it is also important to continue to think about living for a long time — and with that, developing strategies that can benefit your health. This requires research with doctors and specialists who can advise you about your individual situation. This can also have a trickle-down economic effect: if you are healthier, your need for expensive medical attention will likely be decreased.
Another idea to consider for married folks is couples counseling. A dynamic will have likely established itself when one or both members of a couple are working; upon retirement, members of a couple will suddenly have much more time to spend with each other. Additionally, income levels will not be the same for retired people as they were for the same people when they were working.
In a similar vein, newly retired people might want to be active in their retirement; this could mean finding a volunteer opportunity or perhaps a second career that uses different strengths. A career coach could provide advice on finding a rewarding job; a church or other social group could provide ideas for volunteering.
Of course, the financial side of estate planning is still critically important. An experienced estate planning attorney can guide people who are looking to solidify their future.
Source: CBS Moneywatch, “Retirement planning: Get non-financial help,” Steve Vernon, March 6, 2013