Two Ways to Integrate Estate Planning and Your Retirement Funds

Two Ways to Integrate Estate Planning and Your Retirement Funds

There are many ways to save for your own future as well as to put money aside for your family. If you want to incorporate your retirement planning into your estate, then there are a number of ways to do so. One way is to make your trust the beneficiary of your estate plans. Why is this a smart idea? Here are a couple of reasons:

• You never have to change your beneficiary – Your trust is static, so there is no need ever to change your retirement fund beneficiary. However, if you chose your mate as the beneficiary of your retirement fund, then you have to remember to change the beneficiary if your mate passes away before you or if you get divorced. It just simplifies the process.
• You protect your loved ones from financial mistakes – Removing funds from a retirement account too soon or in large increments can cause major taxation issues. To protect your loved ones from making such a mistake during the grieving process, you can appoint a successor trustee to help them make better financial decisions. Of course, the retirement fund has to go into the trust when you pass away in order for the successor trustee to be able to provide this kind of advice and assistance.

California Estate Planning to Meet the Needs of Your Family

Petrov Law Firm wants to help you plan ahead so that your family has a secure future without your own retirement fund being affected. Call 619.344.0360 to get started on your California estate plan today.