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But there are ways in whichretiringis a family journey, too.
Addressing these topics early can prevent confusion and conflict later while ensuring your wishes are honored.
Discuss the following four things with your familybefore you retire.
The Financial Professionals in Your Life
Who is your financial planner?
Your estate planning attorney?
Your life insurance agent?
Your family needs to know.
Its vital to share who your key financial professionals are, Pavone said.
Ensure your family knows how to contact them and understands their roles in managing your finances.
This is especially important in case of emergencies, incapacity or transitions.
Consider creating a secure folder or digital vault with this information.
Having these documents organized and accessible reducesstress and confusionduring high-pressure situations like a medical emergency or death.
So, if youve procrastinated handling this, act now for their sake.
Clarify your wishes regarding your assets, inheritance and end-of-life plans, Pavone said.
Share details about your will, trusts and any beneficiaries named on accounts.
This ensures your family understands your intentions and avoidspotential conflicts or surprises.
Its also a good opportunity to discuss charitable giving or other legacy goals.
This can be incredibly expensive and Medicare doesnt cover nonmedical long-term care.
Thats no small expense, but its one that many families are unprepared for.
Families usually have three choices, Blakeley said.
For most, covering these costs means selling the family home, which can be an emotional decision.
It ensures your financial plans are understood and that your family can support your wishes effectively.
Be sure to incorporate your CFP, CPA and estate planning attorney in the conversation.
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