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Upcoming retirement a good time for baby boomers to start their estate planning

Upcoming retirement is an excellent time for estate planning

People born between 1946 and 1964 are colloquially referred to as the baby boomer generation. 

Talent and a strong work ethic are considered hallmarks of the baby boomer generation, with 64 per cent of chief financial officers worried about loosing this pool of employees over the next two years, according to research conducted by Robert Half. 

If you are a baby boomer, you have devoted yourself to decades of hard work. The blissful days of retirement are fast approaching. 

To rest assured that your assets are protected, now is an excellent time to get your wills and estate planning in order. Having an expertly advised and carefully considered estate plan ensures your assets are treated in accordance with your wishes.

Built over a lifetime, these assets are a result of your toil and commitment. Getting specialised legal advice helps confirm these assets will be looked after both in the present as well as in the future. In this way, they will forever stay part of your legacy. 

Legal documentation such as the preparation of wills, powers of attorney and enduring powers of attorney contribute towards a cohesive estate plan. People may be unaware of the factors involved in making a will legally binding. Considering how problematic and emotionally upsetting the contesting of a will can be on loved ones, it is better to use the correct legal channels for your last will and testament. 

Thinking about setting up a trust is another key aspect of estate planning. Trusts can provide security and support for your family for many years to come, and help build a brighter future for future generations.

If you own a business your estate planning can extend to succession planning. The importance of a solid succession plan cannot be understated for the long-term success of the business you built throughout your life. 

Retire with peace of mind knowing your estate planning has been completed successfully.