In coming years, millions of Baby Boomers — those born between 1946 and 1964 — are expected to retire in the U.S. In fact, by some estimates nearly a quarter of this country’s population will be aged 65-or-older within a few decades.
If you’ve ever spent time working through your estate plan, you know how important it is to select and update your beneficiaries.
Americans are living longer than they were a generation ago, and the government knows it. Starting in 2022, that will be reflected in the amount of money you have to draw from retirement accounts at different ages.
The relationship is a trustee relationship. In other words, the executor is responsible for properly processing the property for all involved. Administrators do much the same, except that the ‘will’ conditions for distribution are set by the state.