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Creating a Durable Estate Plan

Christine Benz says retirees should keep some key documents on hand to help stay organized.

Creating a Durable Estate Plan

Christine Benz: Hi, I'm Christine Benz for Morningstar.com. Every retiree needs to develop and maintain some key documents. At the top of the list is an estate plan: a will, a living will, and powers of attorney for healthcare and financial matters. Up-to-date beneficiary designations also fall under the estate planning heading. It's valuable to check up on them every year to make sure that they reflect your current wishes and family situation. 

In addition, I'd recommend that retirees maintain what I've called a master directory, spelling out basic information about your financial accounts and financial professionals you deal with. Keep this document under lock and key--or encrypted--and let a trusted loved one know of its existence. 

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