Hello, this is Mark Burgdorf, President & Senior Wealth Advisor at Burgdorf Wealth Managers.
Today, I want to talk about something every near-retiree should revisit: their will. Making sure it reflects your current wishes and life changes can make all the difference for your family later on.
In retirement, your priorities will shift from growing wealth to protecting it and making sure it’s passed on the way you intend. One of the most effective ways to do that is by keeping your will up to date.
A will is the foundation of your estate plan. It names who will handle your affairs, how your assets will be distributed, and (if needed) who will care for loved ones who depend on you. A will only covers assets that go through probate, like real estate, individual bank accounts, personal items, and vehicles.
Other accounts, such as IRAs, 401(k)s, and life insurance policies, follow their beneficiary designations, so you need to take time to ensure everything is aligned.
After significant life changes like retiring, welcoming grandchildren, buying a new home, or moving to a different state, it’s a good idea to review your will. I recommend revisiting it at least every three to five years to keep it clear, complete, and aligned with your current wishes.
Sometimes a simple amendment, called a codicil, can cover small updates. Other times, creating a new will might be the better course of action. What matters most is that your documents reflect your wishes, your beneficiaries, and your state’s rules.
If it’s been a while since you reviewed your will, or you’re not sure where to start, contact the office to schedule a meeting. We can walk through your options and build a plan to help carry out your vision for your legacy.
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