One of the biggest mistakes in planning for retirement is leaving out an estate plan.
A major retirement mistake people commonly make is not including an estate plan, according to The Motley Fool explains in “58% of Americans Are Making This Huge Retirement Mistake.”
The mistake is a simple one to fix.
Some 58% of American adults do not have either a will or a trust.
This statistic might not seem at first glance as something that is relevant to your retirement. However, a will or trust should be considered essential to your retirement planning.
If you would like to leave an inheritance for your children or grandchildren, then it stands to reason that you need more savings than just what is necessary to live on, when you are no longer working.
Another reason is that if you are saving and investing a lot of money, then you need to confront the possibility that something could happen to you before you can spend all of it. You need to decide what should happen to that money.
Creating an estate plan with an estate planning attorney is unlikely to be difficult and can help you in your retirement plans.