Financial Planning for Florida Retirees: Did You Ever Think of This?

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?

It's Time to Consult With an Attorney

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.

Talk to Your Intended Executor of Your Estate

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.

Don’t Leave Any Stone Unturned

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. 

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