At this
point, you have already retired and are now enjoying life in the Sunshine
State. It’s what you had always dreamed of on those long, cold. and snowy days
living in Upstate New York. However, now that you’re here, it seems like you’ve
lost your lifeline that held you secure with tips and advice whenever you
needed it. This is especially the case when it comes to the kind of planning
that will help to keep you financially secure throughout your golden years. Your
adult kids are still living up north with families of their own, and part of
what you are worried about is their financial security once you have passed
beyond this life. If that’s the case, did you think about planning your estate
as a significant part of your financial planning as a retiree?
When you
lived up north just a few miles from your children, you didn’t worry much about
planning for your financial security as you lived out your years because they
were right there with you. It was common to sit over a cup of coffee discussing
which investments you should hold on to and those it was probably time to let
go of. You didn’t even think about the need to plan your estate because you
assumed the eldest would be the administrator of your intended, but nonexistent
Will.
Now that
you are so far removed and are not regularly discussing financial matters, it
is in your best interest to consult with an estate planning attorney Orlando,
such as Paula Montoya Law. Although we like to think we’ll live
forever, we know that is unrealistic. It’s time to get your affairs in order as
the first step in planning your financial well-being throughout your senior
years.
Oddly, this
was something you always took for granted back home. You always figured that
the eldest would be the executor of your estate once you had passed but did you
ever stop to ask if they wanted that responsibility? It was the way estates
were always handled in your family so you never thought twice about whether or
not your eldest would be willing to take on this task. Once you have an
agreement with your eldest, then it’s time to give all the information on what
you’ve written in your Last Will and Testament.
So many
times a senior citizen passes, assuming their next of kin knows where all their
financial resources are. Does your family know of any new investments you’ve
made? Do they know where you bank and what kinds of accounts you have? When you
set them up you sought out interest-bearing accounts to help earn a little now that
you’ve retired.
Unfortunately,
your children may not know where you bank and may not even be named on your
account as someone with privileges to access it. Make sure that your attorney
knows exactly where all your assets are and that they are to notify your
children where those resources are and how you want them divided. Actually,
your attorney would be the best executor because they have the legal resources
to ensure everything is done as you ‘will’ it to be.