Essential Estate Planning Steps for the Newly Retired

Retirement is a major milestone—one that brings new freedom, new priorities, and new responsibilities. It’s also one of the most important times to revisit your estate plan.

At Pettis Webber Pacific, we work with many Washington residents who want to make sure their next chapter is not only fulfilling, but secure. Whether you’re newly retired or preparing to retire soon, now is the time to take a closer look at your estate plan to ensure it reflects your current goals, protects your assets, and supports your loved ones.

Here are the essential estate planning steps every newly retired person should take:

1. Review and Update Your Will or Trust

Your retirement likely brings changes to your financial situation, living arrangements, and family dynamics. Make sure your will or trust reflects your current wishes:

• Are your named beneficiaries still accurate?
• Do you want to update who is in charge (executor or trustee)?
• Have your assets changed significantly since you first created your plan?

If it’s been more than a few years since you reviewed your documents—or if your circumstances have changed—it’s time for an update.

2. Ensure Your Power of Attorney and Health Care Directive Are Current

As you age, planning for incapacity becomes even more important. A strong, up-to-date financial power of attorney, health care power of attorney, and health care directive ensure that someone you trust can step in to manage your affairs or make medical decisions if you’re unable to do so.

Make sure these documents:

• Name the right people (with alternates)
• Include all necessary powers, especially for long-term care and tax planning
• Comply with current Washington State law (documents from before 2017 may be outdated)

3. Evaluate Your Long-Term Care Planning

The average cost of long-term care in Washington continues to rise, and Medicare doesn’t cover most long-term care services. As part of your estate plan, it’s wise to explore:

• Whether you have or need long-term care insurance
• How your assets are titled and whether they’re protected
• Whether a trust can help preserve your estate while qualifying for Medicaid in the future

4. Check Beneficiary Designations

Some of your most important assets—like retirement accounts, life insurance policies, and annuities—pass outside your will through beneficiary designations. These should be reviewed regularly:

• Are your beneficiaries up to date?
• Are contingent beneficiaries listed?
• Do these designations coordinate with your overall estate plan?

5. Simplify and Organize Your Assets

Retirement is a great time to simplify. Consolidate old bank or retirement accounts, close unused credit cards, and create a master list of accounts, passwords, and legal documents. This makes things easier for you now—and for your loved ones later.

6. Consider a Trust for Added Control and Protection

If you want to avoid probate, provide for a blended family, plan for incapacity, or protect assets for children or grandchildren, a revocable living trust may be a smart addition to your estate plan. Trusts can:

• Streamline the distribution of assets
• Keep your affairs private
• Offer protection from creditors, divorce, or poor financial decisions by heirs

7. Talk with Your Family

Open conversations with your loved ones about your wishes can help prevent confusion, conflict, and unnecessary stress. You don’t need to share every detail—but letting your family know where documents are kept and who’s in charge can go a long way.

Retirement Is the Right Time to Plan

Estate planning isn’t just for the wealthy—and it isn’t something you do once and forget. Retirement is a powerful opportunity to reevaluate and refine your plan so it supports your goals for this next phase of life.

At Pettis Webber Pacific, we specialize in helping Washington residents navigate the legal, financial, and emotional aspects of estate planning with clarity and care.

Click here to schedule a consultation and make sure your retirement years are as secure and stress-free as they should be.