People always talk about their plans for retirement, and they spend a good portion of their lives saving money in retirement accounts so they can maintain their lifestyles in their later years. But planning for the future isn’t just about retirement accounts or what you want to do with all of your free time.
According to financial experts, people also need to plan for what comes after their retirement—end-of-life planning.
Individuals need to meet with their families and discuss money matters from an early age. Children need to know what types of charitable giving their parents participate in and they need to know where their money is and how it is managed so they will be better prepared to manage their own money and their inheritance when they get older, he said.
Individuals need to make sure their documents are current. They need to review them every so often to make sure that what people think they will receive when they die is what they will actually receive, said John McManus, founding principal at McManus & Associates, an estates and trusts law firm in New York.