You finally have a quiet house after years of carpools and school events. When your children start their own lives, your role as a parent changes significantly.
Reaching this milestone offers the perfect time to pivot your estate planning strategy from protecting minor children to securing your own future. Your legal needs at 55 differ significantly from those you had at 35.
Update your decision makers for health and money
When your kids were young, your estate plan focused on who would raise them. Now, you must focus on who will care for you if you cannot speak for yourself. Arizona law allows you to name agents to manage your medical care and finances through powers of attorney.
You should verify that those you have chosen still want to serve and that they are close enough to help. Vital documents include:
- A health care power of attorney naming someone to make medical choices for you
- A durable financial power of attorney designating a person to manage your bank accounts and bills if you become incapacitated
- A living will providing clear instructions for your end-of-life care to your family and doctors
Updating these documents prevents your adult children from having to guess your wishes during a crisis and ensures that your spouse or a trusted friend has the legal right to assist you.
Review your retirement account beneficiaries
You might assume your will controls everything you own. However, assets like 401(k) plans and IRAs pass directly to the people named on your beneficiary forms. These designations often remain unchanged for decades. If you haven’t looked at these forms since your kids were in diapers, they might be outdated. Therefore, you should:
- Verify that your primary and contingent beneficiaries align with your current goals
- Check that you have not left a former spouse or a deceased relative on the forms
- Consider the tax impact that your inheritance will create for your adult children
Retirement accounts often make up a large portion of your net worth. Keeping these forms current ensures your hard-earned savings go exactly where you intend.
Create a plan for your new lifestyle
Your “empty nest” phase often involves downsizing a home or moving into a retirement community. If you moved here from another state, your old documents might not comply with Arizona statutes. A fresh audit helps you confirm that you titled your home and investments correctly within your trust.
Working with a skilled estate planning lawyer who understands Arizona’s specific witness and notary requirements helps you avoid common mistakes. An experienced attorney helps ensure that your plan reflects your current needs and is easy for your family to follow.