Before you retire you should check your legal readiness to avoid getting into trouble that can drag you into court cases in old age. How to do it? Here’s some important points that can help you to ensure your legal readiness when you enter the retirement period.

Update Your Will And Discuss Who Will Take Care Of You After Your Retirement

Preparing your will is an important part of your financial journey. If you have assets and wealth in your name, you should also have your will ready so that you can pass them to your heirs without any legal disputes. Before you enter retirement, make sure that your will is updated according to your latest assets and wealth details. If you want to make any changes in your will, this could be a good time to do it. Inform your close relatives and the heir about your will and all the details related to it. Address their concerns and make sure there is no dispute on it. It is also the best time to determine the person who will take care of you and your spouse during the retirement period.

Under the Maintenance and Welfare of Parents and Senior Citizens Act, 2007, senior people can get financial support from their children or close relatives through legal steps, if they refuse to take care of them. “It establishes state-mandated tribunals to expedite maintenance cases and imposes penalties for the abandonment of parents or seniors by their caregivers”, says Ameet Hariani, Senior Solicitor, Arbitrator and Mediator, doing Chamber Practice, Bombay High Court.

It is always better to get the care that you deserve from your family than to drag them to a court case. So, discuss your welfare and care with your family before you retire.

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Assign A Power Of Attorney For Making Crucial Health Decisions For You

As you get older, it may happen that you may not be able to make a decision when your health condition is critical. In such a situation the doctor may ask for a legal document or in the absence of that they may require the court to decide about it. To avoid a delay in your treatment, the best way is to assign a power of attorney to your close relative or someone who you trust to decide on your behalf.

Hire A Tax Consultant To Avoid Tax-Related Disputes

Do you know, that even after retirement you may get a notice from the income tax department related to your past transactions? So, to avoid a legal hassle, you should consult your tax advisor before you retire to ensure that if you get an income tax notice post-retirement, they can help you with the right solution on the right time.

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Secure Key Documents And Valuable Assets

Before you retire, make sure you have all the important papers and documents kept at one place. For example, papers and details related to your assets, bank account passbooks, credit cards, will, investment-related documents, etc. are kept safely in your safety vault. Make a list of all such important documents and share it with your close and trustworthy person.

Legal disputes can consume your time and wealth both and you can’t afford to lose them both after you are retired, so, it’s better to take all the necessary steps to avoid a legal dispute after your retirement.

The author is an independent financial journalist.