Estate planning is essential at every life stage, but especially during retirement. With decades of savings, property, and personal possessions accumulated, retirees have more to lose—and more to protect. If you’re entering retirement in McAllen, Texas, now is the time to ensure your estate plan is solid, complete, and legally sound.
Start With the Essentials: Create or Update Your Core Documents
Estate planning in McAllen begins with having the right legal documents in place. Whether you’re drafting your plan for the first time or updating an older one, make sure you have:
- A valid, up-to-date will
- Durable powers of attorney for both healthcare and finances
- A living will or advance directive
Each of these documents serves a different but critical function. Together, they ensure your wishes are followed, your loved ones are protected, and your affairs are handled smoothly.
Don’t Forget About Living Trusts: A Smart Move for McAllen Retirees
Avoiding probate is one of the top reasons retirees create a living trust. A trust allows your assets to be transferred directly to your beneficiaries without court involvement, saving time and preserving privacy.
A living trust may be right for you if you:
- Own real estate or multiple properties
- Have significant financial assets or business interests
- Want more control over how and when beneficiaries receive assets
An estate planning attorney can help set up a trust tailored to your specific situation and goals.
Review and Update Your Beneficiaries Regularly
As your life changes, your beneficiary designations should change too. Life events such as marriage, divorce, or the birth of grandchildren often call for updates to your plan.
Make sure to review these:
- IRA, 401(k), and other retirement accounts
- Life insurance policies
- Payable-on-death (POD) or transfer-on-death (TOD) accounts
A mismatched beneficiary designation can override your will or trust, so it’s critical these documents are accurate and current.
Prepare for the Unexpected: Plan for Long-Term Care
Planning for potential health issues in later years is one of the most overlooked parts of estate planning. The cost of long-term care can drain your estate quickly if you’re not prepared.
Speak to an estate planning attorney about:
- Long-term care insurance
- Medicaid eligibility planning
- Appointing a trusted agent under a durable medical power of attorney
These conversations may be difficult, but they are vital for protecting your dignity and your family’s peace of mind.
Work With Local Professionals Who Understand Texas Law
Estate planning laws vary by state, which is why working with a local attorney is so essential. A professional familiar with estate planning in McAllen can help you:
- Avoid common Texas probate pitfalls
- Navigate state-specific tax considerations
- Create a plan that aligns with your values and goals
The team at Fryer & Hansen is here to help McAllen retirees build and protect their legacy with confidence.
Ready to Take the Next Step?
Whether you’re updating a will, creating a trust, or just getting started with your estate plan, now is the time to act. Contact Fryer & Hansen to schedule a personalized consultation and take control of your future today.