Don’t wait for retirement to make your plans … it would be wise to make them BEFORE.
Americans have a tendency to consider preparing an estate plan as they approach retirement age or even after retirement. However, that may not be a good course of action, according to the Wills, Trusts & Estates Prof Blog in "Social Security Disability and Your Clients: The Real Story."
If people wait that long, it means they do not have a will, a trust or any advanced directives providing what should happen if they become disabled.
People just assume they will not need to make those arrangements, until they are no longer working. Everyone knows someone for whom that did not work out. We all know someone who became sick or was in an accident and either became disabled or passed away. However, people assume that it will not happen to them.
However, there is a one in three chance that younger Americans will pass away or become disabled before reaching retirement age. The odds are simply too high for people to assume it will not happen to them. People need to have plans in place, because it is too late to plan for your estate after you pass away. It can also be too late to plan, after you become disabled.
Do not put off getting an estate plan. You might be able to wait but given the odds, the stakes are just too high to run the risk.
An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances and prepares for possible future events.
Reference: Wills, Trusts & Estates Prof Blog (March 8, 2018) "Social Security Disability and Your Clients: The Real Story."