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Tata Capital > Blog > Wealth Services > Estate Planning in Your 50s: A Guide

Wealth Services

Estate Planning in Your 50s: A Guide

Estate Planning in Your 50s: A Guide

By the time you reach 50, your children have likely grown up, but you haven’t retired yet. However, you are inching towards the golden years of your life. Therefore, this time demands you update your estate planning.

Estate planning refers to your action plan for your assets and obligations. While you always have a financial action plan in place, at 50, you may want to update or modify it. Doing this may prompt you to reduce or increase your reliance on certain investments.

This is also the right time to seek professional financial guidance. Financial experts can help you review and update your estate plans based on your economic aspirations at 50.

The Basics of Estate Planning in Your 50s

If you’re replanning your finances at 50, here are a few tips to get you started.

Draft or Review Your Will

A very critical part of estate planning at 50 is drafting a will. Doing this ensures the rightful successors inherit your estate without conflicts of interest. If you already have one, it is prudent to review it again at this time to ensure it still reflects your wishes.

Also, by this time, you may have added new assets, movable or immovable, to your financial portfolio. Be sure to update them in the will and mention how these assets will be divided in the future.

Boost Savings into Your Retirement Fund

If you don’t have a retirement fund by age 50, get one immediately! But, as most of you would have some sort of retirement corpus in an account, it’s time to ramp up those contributions. It is likely that you will continue working for another decade and retire at 60.

So, for the last 10 years before you retire, be sure to increase the flow of funds into your retirement fund. Doing this will earn you stable returns, which will help you maintain your lifestyle once you stop working.

Review and Rebalance Your Portfolio

Review and check if portfolio has high exposure to equity. We’re not saying liquidate all your equity-linked holdings. Retain a few, but moderate the corpus more in favour of debt and balanced funds. If you want to invest more in equity, then opt for large-cap or flexi cap funds that take diversified exposure in stocks. And reduce direct investment in shares, futures and derivatives.

At this time in your life, you want to start consolidating wealth and reducing risk. For this, you must diversify your portfolio in favour of safer market instruments.

Update Your Estate Planner(s)

Your will’s executor can be a lawyer or any appointed personal representative who must be kept in the loop. This means they should be constantly updated about any changes in your will. This is a critical part of estate planning which countless individuals forget.

Without updating your executor, you run the risk of disregarding your wishes after you pass away. At this point, you can also evaluate the people you no longer want to be a part of your estate planning team. For example, you may wish to change your lawyer or appoint a distant family member or friend as your will’s executor. Whatever the case, you must plan for it once you hit 50.

Parting Thoughts

If you want help with estate planning, reach out to some of the most seasoned financial experts at Tata Capital Wealth. Our financial experts can help you reclassify your financial portfolio. We can also customise an investment basket that suits your risk appetite and returns expectation at 50.

To learn more about our services, visit our website today!

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