As you near retirement, your focus often shifts from building wealth to protecting it and to making sure the people and causes you care about are provided for. Estate planning plays a key role in that transition.

It’s not just about legal documents; it’s about financial confidence. An effective estate plan helps you protect your assets, guide your loved ones, and create a lasting legacy that reflects your values. Whether you’ve already retired or are counting down the years, here are six essentials to review.

1. A Current Will or Revocable Living Trust

 Your will or trust is the cornerstone of your estate plan. It ensures your assets are distributed according to your wishes and names the person who will oversee that process.

If it’s been several years since you last reviewed your documents or if your life has changed through marriage, divorce, relocation, or new grandchildren, it’s time for an update.

For many retirees, a revocable living trust offers additional benefits, including avoiding probate and providing privacy for your estate. A brief conversation with an estate attorney can confirm whether that approach makes sense for your situation.

2. Updated Beneficiary Designations

 One of the most common estate planning mistakes is overlooking outdated beneficiary forms. Accounts like IRAs, 401(k)s, and life insurance policies pass directly to the people listed on those forms even if your will says otherwise.

Take time to review your designations to ensure they reflect your current wishes. It’s a simple step that can prevent significant confusion (and heartache) later.

3. Powers of Attorney for Finances and Health Care

 Estate planning isn’t only about what happens after you’re gone, it’s also about protecting yourself while you’re alive.

A durable power of attorney authorizes someone you trust to handle financial matters if you’re unable to do so. A health care power of attorney or proxy gives another trusted person the ability to make medical decisions if you can’t.

These documents ensure that if life takes an unexpected turn, someone you choose, not the courts, will step in to help manage your affairs.

4. A Living Will or Advance Directive

A living will allows you to express your wishes for medical treatment if you face a serious or terminal illness. It covers decisions such as life support, pain management, and end-of-life care.

Having these preferences documented removes uncertainty for your loved ones and gives them confidence that they are following your wishes and not guessing at them.

5. An Organized List of Assets, Accounts, and Key Contacts

Your family or executor can’t carry out your plan if they don’t know where to find things. That’s why it’s essential to maintain an up-to-date list of:

• Financial accounts and institutions

• Life insurance and annuities

• Estate documents and passwords

• Contact information for your advisor, attorney, and accountant

Store this list securely and let a trusted person know how to access it if needed. Organization today can save your loved ones enormous stress tomorrow.

6. The Emotional and Psychological Side of Estate Planning

Retirement is a major life transition, one that brings both freedom and reflection. Many people find themselves thinking deeper about family relationships, legacy, and what they want their wealth to represent.

Estate planning isn’t only a financial exercise; it’s an emotional one. It can help bring clarity and purpose as you enter a new stage of life. Deciding how to pass on your assets can spark meaningful conversations with loved ones and help you articulate your values and priorities.

You might even find that reviewing your estate plan offers a sense of closure and peace — knowing you’ve put structure around what matters most to you and those you love.

Bringing It All Together

Estate planning is one of the most thoughtful gifts you can give your family. It ensures your wishes are honored, your assets are protected, and your loved ones are cared for.

If it’s been a while since you reviewed your plan, now’s a great time to start. Talk with your financial advisor and estate planning attorney to confirm everything still reflects your goals. You’ll gain not only legal clarity, but emotional comfort knowing your legacy is in good hands.

Scott Higgins | AIF ®, CFP®, CPFA®, NSSA®

Financial Advisor

Securities and Investment Advisory Services Offered Through M Holdings Securities, Inc., a Registered Broker/Dealer and Investment Adviser, Member FINRA/SIPC. Rose Street Advisors is independently owned and operated. #4978787

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