Estate Planning in Your 50s: Tips for Adjusting Your Plan

As you reach your 50s, there are a few important things to consider when it comes to estate planning. Your children are probably grown up by now and you may be nearing retirement age. This is a time of big changes for you – so it’s important to update your estate plan accordingly. In this blog post, we will discuss some tips for adjusting your estate plan in your 50s.

Keep in mind that everyone’s situation is different, so please consult with an estate planning lawyer to get specific advice tailored to your needs. I’m Estate Planning Attorney Paul Margerie. At Margerie Law, I help people in Brookfield, Elm Grove, Waukesha, Milwaukee, and beyond craft estate plans that support their life now and can be adjusted into the future. Keep reading for more information about estate planning in your 50s and call me with questions.

Here are my top tips for estate planning in your 50s. 

Review and update your will.  

If you already have a will, it’s important to review it periodically and make sure it still reflects your wishes. As your life changes, so too should your will. For example, as your family grows and changes, you may want to update your will to add or remove beneficiaries. If you have moved houses, bought an additional house, or made other significant changes to your asset portfolio, you should check to see if you need to adjust the language in your will. If you don’t have a will, now is a good time to create one.

Update your estate planning team. 

Your estate planning team includes the people who will help carry out your wishes after you pass away. This may include an estate planning attorney, personal representatives, trustees, guardians, representatives for healthcare and financial powers of attorney, and more. As you get older, it’s important to review these selections and make sure they are still up-to-date. You may want to add someone to your team or remove someone who has passed away or is no longer a good fit.

Amp up your retirement savings. 

If you already contribute to one or more retirement accounts, great job! Now is the time to amp up those savings as you sail toward those golden retirement years. If you haven’t already started saving for retirement, now is the time! While the 2022 contribution limits for younger people in 2022 are $20,500 to a 401(k) and $6,000 to an IRA. However, starting at age 50, you become eligible to invest an additional $6,500 (for a total of $27,000) to your 401(k) and an additional $1,000 (for a total of $7,000) to your IRA. Maxing out your retirement contributions at this age is a great idea – the more you save now, the more comfortably off you’ll be in a decade when you decide it’s time to retire.

Consider making adjustments to your insurance. 

As you age, your insurance needs will change. This is a good time to review your life insurance policy and make sure it’s still appropriate for your situation. You may want to increase or decrease the coverage amount based on changes in your family’s needs. You should also consider long-term care insurance at this stage in your life. Long-term care insurance can help you cover the costs of nursing home care or in-home care if you need it later in life.

Estate planning is an important part of preparing for your future. By taking some time to review and update your estate plan in your 50s, you can ensure that your wishes will be carried out and that your loved ones are taken care of. If you have questions about estate planning, call me, Brookfield Estate Planning Attorney Paul Margerie. I would be happy to help you review your estate plan and make any necessary updates. Thanks for reading!