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7 estate planning questions to answer in retirement

As you near retirement age, there are many questions to answer in regards to your finances. For example, you may have to adjust your estate plan to ensure that it meets your current needs. After all, the plan you created in your 40's may not be right for your current life circumstances.

Retirement gives you the chance to enjoy life. This isn't a time to worry about something going wrong after you pass on. This is why you want to create the perfect estate plan without delay. This way, every detail is in order and you don't have anything else to worry about.

If you find yourself estate planning in retirement, here are seven questions you want to answer:

-- Do you need to make any changes to your current estate plan?

-- When was the last time you reviewed your estate plan?

-- What changes should you make, now that you are no longer working?

-- Do you need to change any of your beneficiaries?

-- Have any of your benefits changed, such as a life insurance policy you previously received through your work?

-- Can you do anything to help your heirs avoid taxes on your estate?

-- Could a trust be the right estate planning tool for you and your family?

These questions, among others, are important to answer as you create an estate plan in retirement. You may not know all the answers, but that is why you are taking on the process.

If you tackle this task without delay, you will soon feel better about your financial situation and what the future holds for your family.

Source: CNN, "Ultimate guide to retirement," accessed Nov. 12, 2015

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