Updating Your Will as You Approach Retirement
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Overview
When it comes to retirement planning, one crucial piece often gets overlooked: your will. As you near retirement, a quick review can help ensure your wishes are clear and up-to-date, and your loved ones are protected.
In this short video, I share about why, when, and how to update your will and ensure your estate documents are current and complete.
If you have questions or need guidance on updating your estate plans, contact the office today to schedule a meeting.
- Sharon Calhoun, Managing Director
Chapters
0:00 — Why You Should Update Your Will
0:35 — The Basics: What a Will Really Does
1:19 — What Your Will Covers (and What It Doesn’t)
2:07 —Next Steps
2:59 —Regulatory
Transcript
When was the last time you looked at your will? For many people nearing retirement, it’s been years—and that can lead to surprises for your family later on. I’m Sharon Calhoun, Managing Director at Vector Wealth Management.
Today, we’re talking about why updating your will is one of the most important steps you can take to protect your legacy. This is something everyone should revisit but especially as you near retirement. Making sure your will reflects your current wishes and life changes can make all the difference for your family later on.
As you get closer to retirement, your priorities may start to shift from growing wealth to protecting it—and making sure it’s passed on the way you intend. One of the most important and 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. But it’s important to remember that a will only covers assets that go through probate. I want to pause here for a moment because this piece gets missed frequently. So, I want to repeat that a will only covers assets that flow through probate. Accounts like IRAs, brokerage or trust accounts, 401(k)s, and life insurance policies follow their beneficiary designations and not the will.
After significant life changes, such as retiring, welcoming grandchildren, buying a new home, or moving to a different state, it’s a always a good idea to review your will. Most people should revisit theirs at least every three to five years to keep it clear, complete, and aligned with their current wishes.
Sometimes a simple amendment, called a codicil, can handle 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 Vector to schedule a meeting. Together, we can walk through your options and build a plan to help carry out your vision and protect the people you love.
Contact Us or Schedule an Intro Call
These discussions aim to spark dialogue about enhancing retirement readiness and making more informed financial decisions. At Vector, we delve into the nuances of scenario planning, offer insights and guidance tailored to each client's unique circumstances. If you or someone you know is pondering their financial future or seeking clarity on their retirement plan, we're here to help.
Disclosures
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. This material is not intended as, nor should it be relied upon for, tax, legal, or accounting advice. Always consult your own tax, legal, and accounting advisors before making decisions or implementing strategies. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance. Investments involve risk and unless otherwise stated, are not guaranteed.
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