Legal Essentials for Retirees

How to Prepare for the Retirement Youve Earned

table of contents

Introduction................. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 3 Wills & Estate Planning. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 4 Will. ............................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 5 Power of Attorney. ...... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 7 Advance Healthcare Directive.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 9 Trust............................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 11 Conclusion. ................. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . page 15

Legal Essentials for Retirees

Legal Essentials for Retirees

How to Prepare for the Retirement Youve Earned

You spent years honing your skills and building a successful career. Now

About Rocket Lawyer

At Rocket Lawyer, were making legal work easier and more convenient for everyone. We know the law is complex and mistakes can be costly. We also know theres no replacement for a good lawyer. Thats why weve developed easy-touse technology to help you do more on your own, and backed it up with a network of Rocket Lawyer On Call attorneys who are ready to help when you need it. Since 2008, weve used this approach to help over 20 million families and small businesses create legal agreements, plan for the future, and feel more confident.
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its time to put a some of that know-how towards making your retirement everything youve imagined. As you plan for the financial side of your retirement, you should also give a little thought to what would happen if something were to happen to you, and how you could take care of the loved ones you leave behindyour spouse, children, grandchildren, and the other people in your life who mean so much. Estate planning is a key element of your retirement preparations. No matter the size of your estate, a little organization at this stage of the game will ensure your heirs get the property and assets you wish to leave to them with a minimum of red tape and legal expense. This guide takes you step by step through the entire estate-planning processfrom familiar topics like Wills and Power of Attorney, to more detailed matters like Advance Healthcare Directives and Trusts. Were here to help you get a legally sound estate plan in place that makes your wishes known and protects your heirs so that you can truly enjoy this hard-earned time of your life.

Rocket Lawyer eGuide Disclaimer This eGuide is offered for informational and educational purposes only and should not be construed as legal advice. The law differs in each legal jurisdiction and may be interpreted or applied differently based on your specific factual situation. Use of the information in this eGuide is not a substitute for the advice of licensed legal counsel in your state and you should not act or rely on any information contained in this eGuide without first seeking advice from your own attorney.

Legal Essentials for Retirees

Wills & Estate Planning

For many people, a Last Will and Testament is something to put together sometime in the future, such as when youve accrued a lot of money, or your health is uncertain. On the contrary, a Will can support and protect your spouse and heirs during your retirement in the same way a savings account, IRA or life insurance policy can.

Estate planning can help you:

Take charge of exactly of where your assets go after your death, whether thats to your children, spouse, relatives, a favorite charity (or a combination thereof) Make arrangements for what happens to you if you become incapacitated Appoint people to make decisions on your behalf if youre unable to Explain how youd like difficult healthcare decisions to be handled on your behalf

The way the law works, when you pass away without a Will and estate plan in place, the courts are required to make important decisions for you, including who owns your house and how your aassets are divided. Even when the court makes a decision you would agree with, an estate without a Will or detailed plan can mean unnecessary legal expenses, court fees and red tape for your loved ones. With an estate plan, you can also communicate your wishes about medical treatments and end-of-life care. Its as much about your family as it is about you: by putting your wishes in writing, the people you leave behind wont have to make these tough decisions without written instructions from you.
Getting Started

In this section well walk you through the basics of estate planning and how to prepare for unexpected events. A solid estate plan may include a: Last Will and Testament Power of Attorney Advance Healthcare Directive Trust Well show you how these legal documents work together to protect you and your family.

Legal Essentials for Retirees

Will
Simply put, a Last Will is a legal document that states who gets your money and property after your death. Its a key piece of any estate plan and works for individuals at any stage in life.
What Youll Need to Decide

What it does
A Will communicates to your family and to the courts your exact wishes concerning your property and assets after your death. Drafted during your lifetime, a Will allows you to: Direct who gets your property Specify how your property is divided among your heirs Designate a guardian for your children if they are minors For many people, a simple Will does the trick. If your estate is particularly extensive or complicated (and likewise if your family is extensive or complex), you might want to consider some legal assistance to make sure youve thought of everything. Otherwise, you can get started now with our Simple Will document.

Although every persons Will reflects their own situation and needs, there are some things all wills have in common. These are the basics youll want to consider before you get started with your Will. Step 1: Property Since your Will gives directions as to how your property and assets will be distributed after your death, youll need to take stock of the money, homes, land and possessions you own. You may already be doing this as part of your retirement planning, but take a second look and try to be as thorough as possible to make sure nothing slips through the cracks. For example, if you have stocks, mutual funds, retirement plans, valuable works of art or even digital assets like MP3s, add them all to your list. This will be especially important if youre distributing what you own to more than one person or organization. Step 2: Beneficiaries Next youll want to choose and designate the beneficiaries of your estate. Typically your beneficiaries are your spouse, children, grandchildren, relatives, close friends or organizations that you want to receive the things you own. Its generally most common (and sometimes the law, depending on the state where you live) to designate your spouse as a beneficiary. Step 3: Executor Once youve decided on your beneficiaries and know who will get what, youll need to designate a person to make sure everything happens according to your wishes. Your executor is the person you appoint to make sure the directions in your Will are actually carried out. It can be a more difficult decision than choosing your beneficiaries: its best to choose an executor who is organized, good with their own finances, and ideally someone who is familiar with your family and your financial history. Your executor will: Gather your assets Pay your bills and outstanding debt Distribute your remaining assets File any official paperwork Some states have certain requirements about your executor, for example you might not be able to designate someone out of state. Also, if youre concerned about checks and balances in the process, you can always

Legal Essentials for Retirees

appoint two executors to make sure everything gets carried out according to plan. Either way, be sure to appoint a backup executor just in case. If youre not sure about the rules where you live, you can get more information from your county clerk of probate court or an attorney who specializes in estate planning. Step 4: Guardians If you have minor children, or act as the guardian for your grandchildren, youll want to choose whos going to care for them if you and your spouse pass away. Think it through carefully, considering not only who would take best care of your kids but also thinking about where they would be most happy in the long term.

Wills created with Rocket Lawyer include statespecific guidance to walk you through the document step by step. Step 2: Make Copies & Store It Whether youre super organized or not-so-much, your Will is one document you need to keep track of. It also needs to be easy for your spouse and heirs to locate remember that you wont be around to remind them where its kept. Make a few copies of your Will for close family members or others you trust. You can share your document electronically (like through Rocket Lawyer) so key people have a copy at their fingertips, but keep in mind that most states require the original paper copy to be presented during the probate process. To make things as easy as possible for your loved ones, keep the original somewhere safe such as in a safety deposit box or with your attorney. Step 3: The Codicil Even during your retirement years youll encounter some of lifes big changesincluding having more grandchildren, divorcing or acquiring more assets that could require a change in your Will. A Codicil document allows you to change one or more provisions in your Will without having to redo the original document. (You can access a Codicil to Will form here.) You can also change your Will by creating a completely new one and following all the steps to sign and execute it. Your Will is the foundation of your estate plan. Setting aside the time to craft an airtight Will ensures that whats yours is easily transferred to your family should anything happen to you. Next well cover the other documents youll need to make sure your estate plan is complete.

How to Make it Legal

When youve made your decisions and clarified your wishes, its essential to make your Will a legally sound document. This step ensures that the document does what it needs to do and makes the process as easy as possible on your loved ones. If youve already followed the steps in our Last Will and Testament document, print it out and follow the directions provided. Step 1: Signing & Witnessing Once your Will is good to go, sign and date it in front of a witness. Some states require two or more witnesses, so check with your county clerk or an estate planning lawyer for specifics. Depending on where you live, you may also need to sign your Will before a notary public, who can then notarize the document.

Legal Essentials for Retirees

Power of Attorney
Do you know what would happen to your spouse, children or household if you were unable to make major decisions, became incapacitated, or were otherwise unable to handle things? This is where a Power of Attorney, another estate planning essential, comes in. Like a Will, a Power of Attorney can save your family legal expenses, court fees and other hassles. In most states, if you become incapacitated without a designated Power of Attorney the courts are required to step in and make decisions for you, a process that can be both lengthy and costly. If youre ready to appoint your decision maker, you can find a Power of Attorney form here.
What Youll Need to Decide

What it does
A Power of Attorney is a document that allows you to legally appoint a specific person to handle your finances and make decisions if youre unable to do so. This could be due to a health problem, international trip, or for any other reason you specify. There are several types of Power of Attorney that can work for you. Well explain in more detail below, but in general your designated agent can: Write & sign checks Make household decisions Sign legal documents Make healthcare decisions Run your business Call the shots on whatever you designate

Who your Power of Attorney agents are, and what they can and cant make decisions about, is largely up to you. With that in mind, here are a few things to think about as you facilitate this part of your estate plan. Step 1: Agent The first step--and for many the most important--is choosing your agent for Power of Attorney. This is the individual (or individuals, as you may decide) whom you elect to make major decisions on your behalf when and if youre unable to do so. Just as when you chose your executor, youll want to find someone who can handle the responsibility. Above all, youll need to think about: Choosing someone you trust with your finances and family. You might want to settle on someone who handles their own affairs pretty well. Whether or not the individual will charge a fee for services, such as if your pick is an attorney rather than a family member. Whether or not the individual agrees to be your agent in such circumstances. Quick aside: Its a good idea to appoint a backup agent in case your first choice passes away or is unable to assume the responsibilities when the time comes. Step 2: Powers A Power of Attorneys authority can be broad or specific, depending on your wishes. For example, you might designate your agent to handle only medical issues if you become incapacitated; or you might grant one agent the ability to make financial decisions and another the ability to make household decisions. Its really your choice. But to make it easier to manage, the law specifies several categories of Power of Attorney. Well go into detail below.

Legal Essentials for Retirees

General Power of Attorney: This grants broad powers to your agent, allowing them to make key decisions about your finances, health, business or any other matter that would need your permission. Special Power of Attorney: This option allows you to grant specific powers to specific agents. For example, you could allow your spouse to make medical decisions on your behalf, your financial advisor to make the call on your money and assets, and so on. Special Power of Attorney gives you the flexibility to tap into the decision-making skills of different agents. Also, if you dont want to grant too much power to one individual, this option might give you a little peace of mind in your estate planning. Durable Power of Attorney: This additional status can be applied to both a General and Special Power of Attorney. Also known as an Enduring Power of Attorney, it allows your agents powers to continue unchanged even if you become incapacitatedfor example, if you are in a coma or youre not mentally competent to make decisions. In contrast, a nondurable Power of Attorney is no longer valid if you become incapacitated. A Durable Power of Attorney is often adopted by people who want a specific family member to make ongoing decisions on their behalf, for example if your brother, sister or adult child is a doctor, financial advisor or has some other decision-making abilities you trust. Springing Power of Attorney: If you travel frequently out of the country, a Springing Power of Attorney can also be useful. This is a type of Durable POA that goes into effect automatically in certain situations, like when you take an extended trip overseas. A Springing Power of Attorney grants your agent powers only when these specific situations occur. Step 3: Execution The Power of Attorney type you select above will often stipulate when these powers (general or specific) go into effect. For example, your Springing POA could grant your brother decision-making powers when you take a trip overseas. Or your Durable POA could give your daughter, a CPA, the power to manage and invest your money for you. Each state has a process for determining when an individual is mentally incompetent, so its wise to be as specific as possible in your Power of Attorney document about your definition of incompetence 8 Legal Essentials for Retirees

by requiring a doctors certification of your inability to make sound decisions for yourself. If you dont make your criteria clear, you could lose precious time while the courts make a decision. If you need a little assistance with how to spell all this out in your Power of Attorney document, you might want to speak with an attorney who specializes in estate matters. It may seem like a lot of decisions to make, but our customizable Power of Attorney document explains explains each choice as you fill it out. Creating your POA is really a simple process.

Advance Healthcare Directive

After youve established Power of Attorney privileges, its a smart next step to create a plan in case youre in need of life-sustaining treatment or end-of-life care when you cant make decisions for yourself. We can walk you through the steps for how to prepare for such a situation and reduce stress and expenses for your loved ones.
What Youll Need to Decide

What it does
While a Will is a document that expresses where youd like your assets and property to go after you pass away, an Advance Healthcare Directive, also known as a Living Will, is a separate document that expresses your wishes about life support should you become unable to communicate or become mentally incapacitated. These situations could include comas, vegetative states, or dementia accompanying disorders like Alzheimers disease.

Its wise to make your Advance Healthcare Directive as specific as possible, taking into account not only aspects of medical care and treatments but also more detailed information concerning your goals for treatment and care. This is your opportunity to take control of these decisions so that your loved ones or a medical professional dont have to make tough choices for you. Step 1: Choose an Agent As with Power of Attorney, youll want to choose an individual who serves as your representative should you have an accident that puts you on life support. The difference, however, is that this agents duties will be to ensure that the directives in your Living Will are carried out, rather than making the decision for you like a Power of Attorney. When selecting your agent--sometimes called a health care proxy or patient advocate--be sure to settle on someone who is: Willing to serve in this capacity Willing to separate their own feelings from those spelled out in the Living Will Not alreadyor not expected to beproviding you with medial care Step 2: The Directive Here youll need to draft your feelings about medical treatment and care should you become terminally ill and unable to communicate. If you find it difficult to think through this topic, you might consider consulting your physician to get a better sense of how doctors and hospitals handle lifesupport situations and different scenarios. Take note of the following: Treatments: How would you like to be treated if an accident or illness made you unable to communicate your wishes? You can specify whether you want particular life-sustaining efforts made, or not. Pain Management: Define what types of medication or pain management youd like to be given in this situation. Personal Grooming & Bathing: You might also specify how youd

Legal Essentials for Retirees

like your grooming to be handled during your incapacitation. If you wish to have certain personal effects nearby, you can also put that down in writing. Spiritual & Emotional Support: You could wish to have certain loved ones or spiritual guides in attendance, for example, before or after being taken off life support. Autopsy & Organ Donation: An autopsy will not normally be performed unless the death is considered suspicious. However, if you wish to grant your health care agent the power to request one, you can put that in writing. You can also specify your wishes on organ donation. Funeral Plans: In your Advance Healthcare Directive, you may also specify how youd like your remains and your memorial to be handled.
How to Make it Legal

Changes in healthcare laws Moving to a new state Changes in your ability to pay for medical care

Once youve put together your Advance Healthcare Directive, youll need to follow similar steps to the once you used to complete your Will and Power of Attorney. Step 1: Sign & Notarize If youve assembled your Advance Healthcare Directive or Living Will using Rocket Lawyer, simply print out the document and sign it in the presence of two or more witnesses and a notary public. You do not need a lawyer or physician present for the signing, but if youre unsure about anything having to do with the content or validity of your document, the safest route is to check with an attorney. Step 2: Copy & Distribute As with your other estate planning documents, your Advance Directive wont be of much use if no one can find it in a time of need. Be sure to make several copies or share it electronically with your close family members, physician, and local hospital if you wish. In addition, keep an original copy handy in your home safe, safe deposit box, or with your attorney. Step 3: Ongoing Review Its wise to examine your Advance Healthcare Directive every so often to make sure everything is up to date. Several reasons for this include: A change in your feelings about treatment and care Updates in medical technology 10 Legal Essentials for Retirees

MOST/POST Documents

You might also consider meeting with your physician to craft one-page directives that outline your wishes in end-of-life situations. Called Medical Orders for Scope of Treatment (MOST) or Physician Orders for Scope of Treatment (POST) forms, these documents are commonly recognized by doctors and can serve as an attachment to your Advance Healthcare Directive. Some states have different guidelines for MOST/POST directives, so be sure to check with your doctor or hospital prior to filling one out. If youre ready to draft your Advance Healthcare Directive, you can access a Living Will form here.
Living Wills & Healthcare Power of Attorney

As you assemble your estate planning documents, you might wonder if an Advance Healthcare Directive is relevant if you already have a Healthcare Power of Attorney. Both documents allow you to select an agent to make healthcare decisions on your behalf when youre unable to do so, but the difference lies in the fact that your Advance Healthcare Directive is for impending death-related issues only. To be sure that you are covered in all situations, its generally best to have both documents.

Trust
Who needs a trust

What it is
A Trust is a separate legal entitykind of like a corporationthat you give all your assets and property to during your lifetime. Your assets continue to benefit you while youre alive (i.e. you can live in your house and draw money from your bank accounts), but theyre technically the property of the Trust. Like a Will, the Trust allows you to specify where your assets will go after your death. But because the Trust owns everything when you die, there are no assets that need to go through probate court. Avoiding probate means youll save on expenses, your heirs should receive property sooner, and it wont be a matter of public record.

A Trust gives you more control because you can detail how and when your property is distributed. This control allows you to take advantage of certain tax laws, dictate how money is distributed over a long period of time, and have more privacy. Trusts are popular with wealthy families for all of these reasons, but they can be smart for any family that needs to control how assets are distributed. For example, if you have a special needs grandchild under your guardianship, you can specify how much to spend on the childs care each month, and make rules about what types of care the child will receive. Using a Trust ensures that someone with the childs best interests in mind makes decisions on his or her behalf. It also helps the child qualify for government aid by limiting their net worth. In contrast, a Will typically gives all assets over at once. These are a few of the situations where Trusts are especially helpful: You have heirs with special needs, like physical or mental disabilities You have minor children/grandchildren or children/grandchildren from a previous marriage You have assets to pass along that might be subject to gift or estate taxes You want to have more control over how your property is distributed Youd like your heirs to avoid probate Your estate is particularly large or complex While Trusts give you more control over what happens with assets, they can be more expensive and complicated to create and maintain. Its best to check in with an attorney or an accountant if youre unsure whats right for you.
Whos involved

Grantor: The person who sets up the Trust. The grantor is the person who assigns their assets to the Trust: typically you, or you and your spouse. Trustee: The person or entity who manages the Trust. During your lifetime, the trustee can be you. The trustee can also be any person you trust, a lawyer, or a financial institution. Once the Trust is established, the trustee manages the assets with the ultimate goal of distributing the property to the beneficiaries. The trustee has a duty to follow the rules you set when you create the Trust, and to act in the beneficiaries best interests. You might want to consider consulting an attorney or financial advisor 11 Legal Essentials for Retirees

when it comes to deciding on a trustee. Depending on the terms of the Trust, the trustee could need to serve for a long time, so some people prefer to name a financial institution. On the flip side, financial institutions can be expensive and inflexible to work with, so many prefer to name a lawyer or a responsible family member. Beneficiary: The individual(s) who eventually receive the assets from the Trust. During your lifetime, youre the beneficiary. After your death, the people youve named benefit from the Trust.

therefore, irrevocable. Because the assets are no longer the grantors, theyre protected from certain taxes and creditors. The assets are not subject to the grantors liabilities, because they are owned and controlled by the Trust, not the grantor. It is technically possible to appoint the grantor as the trustee, but it means that the grantor still has control of the assets, and that some of this liability protection is lost. Appointing an independent trustee provides the most protection for assets, because the grantor gives up control. While this type of Trust isnt for everyone, transferring your assets into an irrevocable Trust doesnt mean they wont continue to benefit you. Remember that trustees are under many legal obligations when managing assets in a Trust, so while youre technically giving up ownership, the trustee is legally responsible for making decisions in the best interest of the Trusts beneficiarieswhich includes you! Specialized Trusts: Once you decide whether you want a revocable or irrevocable Trust, you may want to customize it for certain situations and needs. For example, Minor Childrens Trusts allow for the management of assets for a period of time until your children or grandchildren reach an age you specify, Life Insurance Trusts help avoid estate taxes on life insurance benefits, and Bypass Trusts help you get around some estate taxes. To select the right Trust for your needs, talk to an estate planning attorney who can help you choose whats best for your family. Step 2: Setting Up a Trust It is possible to create a Trust on your own, but its recommended that you seek the advice of an experienced attorney who specializes in estate planning to walk you through what can sometimes be a complex process. At this stage youll want to: Gather or determine the assets to put in Trust Decide upon a trustee to manage the Trust Choose beneficiaries for the Trust Determine ongoing costs and expenses If you create a Trust on your own (Rocket Lawyer can help), most states require you to sign it in the presence of a notary.

What Youll Need to Do

Step 1: Decide on a Type of Trust There are two common types of Trusts which allow your assets to bypass probate. The one you choose will depend on the extent to which you want to maintain control of your assets during your lifetime, whether or not youre willing to exchange control of your assets for additional tax savings, and your desire to shelter the assets from your creditors. Youll select between: Revocable Trusts: When you create a Trust, you technically give up ownership of your assets. This type of Trust can be revoked at any time during the grantors lifetime, meaning you can regain ownership. Because of this flexibility, the assets do not receive special tax protection or sheltering from creditors during the grantors lifetime, or after their death. Irrevocable Trusts: When a grantor transfers their assets into this kind of Trust, its permanent, and 12 Legal Essentials for Retirees

Step 3: Asset Allocation To make the Trust effective, youll need to move your assets into the Trust. This is an important step, since if you pass away without all of your assets in the Trust, probate courts will have to decide how this property is allocated and taxed prior to distribution. You assign assets to the Trust by opening new bank and investment accounts in the name of the Trust, and changing the title of any property or vehicles to the Trusts name.
Pour-Over Will

get all your legal agreements in writing. A few to keep in your back pocket are: Retirement plans: Whether its your 401k, pension plan or social security benefits, youll want to keep good records of your retirement accounts. For estate planning purposes, youll want to appoint a beneficiary for each of these accounts directly, because theyre not governed by your Will. That also means that keeping good records is a must, so your heirs can find this information when the time comes. Insurance Policies: Make sure you have good insurance policies in place to protect your car, home, rental unit, pets and life. Good coverage helps you to be ready for anything, and protects your family, just in case. As with your retirement accounts, the beneficiary who youve named in an insurance policy will receive the proceeds, no matter what your Will says. Be sure to update beneficiaries if you ever change your estate plan. If you create a Trust, naming the Trust as a beneficiary is a good way to make sure your wishes are followed. If you have any questions about what insurance you need, or if you have enough, we have partners who offer free consultations. Small Business Records: If you ran a small business during your career, it makes good sense to keep your corporate records, insurance policies, liability and other legal documents separate to avoid any unnecessary hassles in the event something happened to you. This is especially important if you sold the business and/or continue to derive some income from it. Big Ticket Transactions: When buying and selling homes, automobiles or other big ticket items, be sure to save all documents having to do with the transactions. We can provide you with a Bill of Sale that legally transfers ownership of these items when you buy and sell.

To make sure youve covered all the bases, you can create a Pour-Over Will to cover any assets that you havent included in the Trust. It can also act as a catchall so all of your assets are included in your estate plan, even if they arent placed in your Trust within your lifetime. Trusts also require some maintenance, which can include filing separate tax returns. Its a good idea to talk to a lawyer to make sure you understand all of the rights and responsibilities involved with creating your Trust.

Insurance, Legal Documents & Other Tips

Now that youve nailed down your estate-planning cornerstones, youll want to take stock of the legal documents that will definitely come in handy as you enter retirement. Its always wise, no matter what types of agreements you make having to do with everyday life and estate management, to keep good records and 13 Legal Essentials for Retirees

Loaning Money: During retirement you might choose to borrow money from a bank or family member; additionally, friends or family might ask the same favor of you. Detailed paperwork about the loan terms can save you and your family a lot of hassle down the road if theres a misunderstanding or other problem. You can get a Loan Agreement here whenever the need arises. Personal Legal Documents: Whether you need to

apply for Social Security payments or youre taking a cruise around the world, youll need official documents like marriage certificates, deeds, birth certificates, passports and Social Security cards. Youll need to balance the need to have these records somewhere you can access them easily, while protecting them from being lost or damaged. A home safe or a safe deposit box are solid options.
Storing & Updating Documents

Family and estate planning attorneys are specialists, and can handle your entire estate plan, or be brought in on a situation-by-situation basis. Youll also likely need a little legal assistance if youre the executor of a Will that goes to probate. Accountants can also help with estate and retirement planning, especially when tax laws have an impact on your estate and if you want to minimize inheritance taxes for your heirs. If youre in need of personalized guidance for your estate planning, we can help you find a lawyer to answer simple questions or do more detailed work.

A few times weve mentioned how important it is for your estate planning documents (which youve taken the time to put together carefully) to be accessible to the people who need them in a pinchyour family. If you have a lawyer, you should be able to store important documents in their office. Safe deposit boxes are also ideal storage for your estate-planning forms and other legal documents. Most banks have them, and they are a secure and convenient place to keep everything. Make sure a few trusted friends or family members know where to find your estate planning documents. Consider telling the people you nominate as agents, trustees, and/or executorsit will make it easier for them to jump into action if anything ever happens to you. Additionally, when major life changes occur like deaths, births, marriages, divorces, inheritances, new business ventures and so on, you might want to revisit your Will, Power of Attorney, Advance Healthcare Directive and Trust in case some of the details need updating. A good rule of thumb is to revisit and review these documents every few years to ensure that everything is current and compliant with the law.
When to Talk to an Expert

We hope this guide has provided you with enough direction for you to take charge of your estate planning, but you might hit a bump or two in the process when youll want a little professional help. For example, if youre dealing with large sums of money, have a child or beneficiary with special needs, or have children from a previous marriage youd like provided for separately, a lawyer can help you cut through the fog to provide the customized guidance you need. As a rule of thumb, if you are unsure about something, taking the time to talk to a lawyer is a good idea. It can save a lot of trouble in the long run. 14 Legal Essentials for Retirees

Conclusion
Youve come a long way in your life and career. In the same way that youve worked hard to reach retirement, youll want to put in a little time to establish an estate plan. As weve explained above, these types of safeguards will ensure your wishes concerning your property and healthcare are carried out legally, thoroughly and with a minimum of expense and inconvenience to your heirs. We can help you create a custom estate plan for your needs. Visit the Rocket Lawyer Estate Planning Center for more of the guidance you need to protect your family.

As you proceed, youll probably have more questions about specific state and local laws too. Rocket Lawyer has a network of attorneys who can help you with these estate planning related legal questions.
Visit www.rocketlawyer.com

 Using Rocket Lawyer has been a fabulous experience. A real person guided me through the process of using a Codicil to update my Will, and took away any concerns I had. They gave me the extra help I needed to give me true peace of mind, and I have recommended them to everyone I know.

Valerie A. Rocket Lawyer On Call Customer

Rocket Lawyer eGuide Disclaimer This eGuide is offered for informational and educational purposes only and should not be construed as legal advice. The law differs in each legal jurisdiction and may be interpreted or applied differently based on your specific factual situation. Use of the information in this eGuide is not a substitute for the advice of licensed legal counsel in your state and you should not act or rely on any information contained in this eGuide without first seeking advice from your own attorney.

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Legal Essentials for Retirees