Include Estate Planning in Your Retirement Preparation

Make the most of your retirement, and provide for your loved ones at the same time. Learn how you can get the best of all worlds with these suggestions.

Whether you’re already retired, or looking at retirement soon, now’s an ideal moment to start or update your estate plan. Doing so will protect yourself, your loved ones, and your property. The key is to team with an outstanding wills attorney in Daytona Beach who can guide you through the process, and even offer insight and suggestions you might not have previously considered.

Unfortunately, many people across the country don’t have an estate plan in place. Once they pass, that could add up to frustration for loved ones, and perhaps even financial difficulty. As a responsible citizen, you naturally want to avoid that fate. Here’s how you can include estate planning in your retirement preparation:

Know Your Needs

While it’s impossible to create a step-by-step course of action for the coming decades, you can still gauge your retirement spending needs. That includes investment goals, potential risk, and how you’ll maintain the quality of life to which you’ve become accustomed.

If planning in this manner seems frustrating, or you simply don’t want to take or have the time to devote to the task, it’s helpful to know that a reliable Daytona Beach wills lawyer is able to guide you through the process. This professional can even offer insight into the best next steps to take.

Put It in Writing

Some people take the erroneous notion that their loved ones know exactly what they wish to have happen after they pass. That’s a dangerous assumption to make. The fact is, there’s no way for anyone to truly understand or interpret your last wishes unless and until you create a detailed will and comprehensive estate plan.

In addition, this will protect beneficiaries, your property, and finances. Now is also the time to determine who will receive retirement plan benefits after your death.

Consider Gifting

Along with making end-of-life decisions clear in your will, another idea that’s increased in popularity is gifting assets during your lifetime. It’s possible to do this and avoid major tax penalties. However, assets that appreciate in value (such as real estate and stocks) could still be taxable.

You could also give charitable donations to causes and organizations whose missions resonate with you. Speak with your estate planning attorney to realize and better understand all of the options available to you.

Keep Your Plan Current

The main idea is that your estate plan should reflect your current situation. That will change as life events occur, such as a birth or death in the family, marriage or divorce, purchase or sale of real estate property, start or end of a side business, and more. When you work with a trusted and reputable estate planning attorney in Daytona Beach, staying on top of your plan is a simple and straight-forward process.

In fact, for more than 40 years we’ve assisted Central Florida residents just like you with estate planning, and also real estate law and guardianship. In addition, we’ve built a solid reputation as the premier outlet for understanding probate in Holly Hill and throughout the region. Contact us today with all of your questions, and to learn more about estate planning and retirement preparation.