Effective estate planning in retirement ensures financial security and peace of mind. A durable power of attorney for finances prevents costly court guardianships if incapacitated. Health care directives and proxies specify medical wishes and authorize decision-makers. Medicaid's five-year look-back affects asset transfers, so early planning is crucial. Irrevocable Life Insurance Trusts help manage estate taxes and provide liquidity. Regularly review all documents every 3–5 years or after major life events.