I'm an Estate Planner: 6 Things Every Retiree Should Have Prepared in 2025
Retirement is a major milestone, but it doesn't mean the planning stops. In fact, estate planners said 2025 is the perfect time to make sure your legal and financial documents are up-to-date.
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From wills and power of attorney forms to digital account access and final wishes, these are the six things every retiree should have prepared in 2025.
To avoid family disputes and ensure their wishes are honored, retirees should have five essential estate planning documents in place: a last will, a durable power of attorney, an advance healthcare directive, a HIPAA release form, and, if significant assets or property are involved, a revocable living trust.
'These legal documents are designed to minimize family conflict, avoid probate, and give you the power to make medical and financial decisions, should you become incapacitated,' said Seann Malloy, founder and managing partner at Malloy Law Offices. 'The U.S. Constitution protects due process as well as property rights, but your wishes may not be carried out without these documents.'
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Every retiree should have legal documents in place that authorize someone they trust to make medical and financial decisions if they're ever unable to do so themselves. Having powers of attorney prepared in advance ensures their wishes are respected during an emergency.
'Even if retirees aren't dealing with any medical issues or concerns presently, there is always a chance that something could happen suddenly that leaves them unable to make decisions for themselves,' said Ben Michael, attorney at Michael & Associates. 'Having these documents prepared ensure that in the case that something does happen, the people they want to make decisions for them will have that legal right.'
A comprehensive estate plan should include a strategy for long-term care. This may involve purchasing long-term care insurance or establishing an asset protection trust, such as a Living Trust Plus or a Medicaid asset protection trust.
'The best estate plan becomes useless when someone is forced to go broke to pay for nursing home care or other long-term care and winds up with no estate to pass on,' said Evan Farr, principal attorney at Farr Law Firm PC.
Farr said retirees can strengthen their estate plan this month by making sure it includes a long-term care strategy. This may involve purchasing long-term care insurance or establishing an asset protection trust, such as a Living Trust Plus.
Every retiree should review and update the beneficiaries listed on their retirement accounts, life insurance policies, and bank accounts.
These designations take legal precedence over a will, so failing to revise them after major life changes, such as a divorce, death, or new grandchild, can lead to assets being distributed in ways that don't reflect the retiree's true wishes.
'Finally, overlooking contingent (secondary) beneficiaries can leave accounts exposed to probate if the primary beneficiary has already died,' said Steve Lockshin, founder and financial advisor at Vanilla, the modern estate planning platform.
As more aspects of our lives move online, experts said using a digital estate planning platform can simplify everything from document storage to updates and access.
'These tools not only help organize all your important documents and assets in one secure place, but they can also send reminders when something needs updating, like a beneficiary or legal form,' said Howard Enders, COO of The Estate Registry, a fintech platform for digital estate and asset management.
Enders added, 'Most importantly, they make it easier for your loved ones to access what they need, when they need it, without digging through file cabinets or chasing paperwork.'
In 2025, every retiree should have a centralized way to store and protect their digital passwords. A password manager, paired with a secure plan for sharing the master key, can prevent major headaches for the executor and heirs.
'A password manager keeps everything in one secure place, which can make a world of difference later on,' said Jennifer Zegel, an estate planning attorney and chief product officer at Eternal Me.
Zegel explained, 'If you want to go one step further, store the master password to your password manager in a secure platform that uses distributed cold storage. This is the most secure way to store this information and ensures your executor and only your executor can access it when it's needed most.'
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This article originally appeared on GOBankingRates.com: I'm an Estate Planner: 6 Things Every Retiree Should Have Prepared in 2025
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