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Why Do Retirees Need To Hurry And Make An Inheritance Plan? 

You work many years to create wealth not only to live a better life but also because after you depart to a heavenly abode, your loved ones can get a legacy as a gift in your fond memories

June 17, 2023
June 17, 2023
Why Do Retirees Need To Hurry And Make An Inheritance Plan? 

Till you retire, you continue to accumulate wealth and grow financially at an exponential rate. After retiring, you have to depend on your accumulated wealth to meet your post-retirement financial needs. You can easily estimate the size of your wealth after you are retired. So, a will you create after retirement usually entails the true picture of your wealth. Delaying the will after retirement can have severe repercussions, so hurry and make your inheritance plan immediately. Here’re some important reasons for getting your inheritance plan soon after retirement.

Without A Will, Your Intended Heirs May Lose The Rights To Your Assets

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When you are there, you can decide which person is entitled to get what share of your wealth. But after your death, several claimants may crop up, and your entire wealth may get into a legal dispute. In the absence of a will, the true beneficiary to whom you would have thought of passing the legacy may get nothing in hand.

After retirement, the remaining life expectancy reduces due to age-related health issues; you don’t know how long you’ll live. You may not want that your legacy goes into the wrong hand, so it’s always advisable to get the inheritance planned as soon as you retire.

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To Express Your Love To Close Family Members

Will is not only a distribution of your wealth, it’s also a token of love that you give to your near and dear ones. You can express your love to your close ones by letting them know your wish to give them a share in your legacy. If you have missed out on the distribution of any of your assets, the inheritors may bring it to your notice.

You Can Amend The Will In The Future

The will is executed during the lifetime of the testator, however, sometimes emergence of changing circumstances, such as the change of beneficiary or change in the nature of property whereby more properties are required to be added in the will, or any dispute per se has arisen which compels the testator to amend, alter or even revoke its will. Amendment in the will can be done at any time; the new will supersedes the past one.

Further, the distribution should be performed in accordance with their unaffected or coerced will. Any tasking of the property should be given to a trusted person or a family member.

 

The author is an Independent Financial Journalist.

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