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Life event
Retirement: what to review in your estate plan
Retirement turns a lifetime of saving into a source of income and an inheritance. The rules for retirement accounts matter, because most non-spouse heirs must now empty an inherited account within ten years, with tax consequences.
Worth reviewing
- Beneficiary designations on every retirement account, and whether a trust should be named
- Powers of attorney, since you may rely on others more as you age
- Long-term care planning and how you would pay for it
- Downsizing, moving, and how any new property is titled
- Charitable giving and legacy wishes
Documents to look at first
For this life event, these are the documents most often affected. Your own list depends on your family and what you have already signed.
- Beneficiary designations (retirement, insurance, bank accounts)
- Revocable living trust
- Financial power of attorney
- Health care power of attorney and living will
- Your will
- How your home and accounts are titled
When to act
In the year before and after.
Related life events
Not sure where your plan stands?
A consultation is the place to talk through what has changed and what to update first. Nothing is finalized until we have talked.
This page is general information about Illinois law and is not legal advice. It does not create an attorney-client relationship. See the Disclaimer. Last updated October 2026.