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Getting ready for retirement

On Behalf of | Sep 2, 2019 | Wills & Trusts

As people get close to retirement age, it is a good idea to sit down with a professional to ensure that both financial plans and estate plans are in order. In that way can minimize the possibility of surprises on either front.

A recent article in Forbes made an excellent point on estate planning: “Managing your estate, regardless of the size, begins with working with an expert to help give you greater control, privacy and security of your legacy – the one you worked so hard to build.”

One of the first things you and your Brevard County estate planning attorney will go over is your will. With this document you’ll tell the world – but especially your spouse, partner, children, other loved ones, friends and charitable organizations that you care about – how you want property and other assets distributed.

If you don’t tell them how to divide and distribute your assets, that burden will fall on the state of Florida and its probate court.

Other essential estate planning documents include:

  • Power of attorney: gives a person of your choice the power to make business, financial or legal decisions if you are mentally or physically incapable of making those decisions.
  • Health care directive: this document is also called a living will. It specifies your preferences in health care matters should you one day be incapacitated.
  • Information document: this is where you make a list of crucial information (bank account numbers, insurance policies, attorney contact info, online passwords, etc.) that will make life much easier for those who are left behind.

You can contact a Cocoa attorney to create new plans or fine-tune an existing one.


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