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Seven Practical Estate Planning Tips For Senior Citizens


If you are 65 or older, your focus is likely on winding down from years of working and spending more time doing things you enjoy, such as traveling or spending time with family or friends. However, there are still some serious matters that need to be addressed. One of these is estate planning. In recognition of Older Americans Month which is held each May, our Tampa estate planning lawyer recommends seven tips to protect yourself and your assets in the years to come.

Protecting Your Assets As An Older Adult

May is National Older Americans Month. It focuses on the many contributions made by older adults and some of the unique challenges they face. It provides the perfect opportunity to get your personal and financial affairs in order, including estate planning. To protect your assets, follow these tips:

  1. Update your property and assets.

Everyone, regardless of age, should have a legally valid will in place. If you do not have one, create one now. If you do, make sure your property and assets are updated to reflect your current financial situation.

  1. Update your personal representative.

In creating a will, you need to name someone as your personal representative. This is the person designated in your will as representing you in Hillsborough Probate Court proceedings. Many people choose their spouse or trusted friends for this role.

Consider whether your spouse is up to the task or if you moved out of state or lost touch with the others you selected. Choose someone who lives in the area and has the time and skills required.

  1. Review beneficiaries.

While reviewing your personal representatives, review all listed beneficiaries of your estate. Consider recent deaths, births, marriages, and divorces and make changes accordingly.

  1. Make sure bank accounts are payable on death.

One of the easiest ways to protect yourself and your loved ones is to set bank accounts as payable on death (POD). This allows the person you designate to access funds without having to go through the probate process first.

  1. Review life insurance policies.

Life insurance proceeds also bypass probate. Review policy amounts, payment terms, exclusions, and beneficiary designations.

  1. Create or update advance directives.

Advance directives include a health care power of attorney, living will, and other documents pertaining to end-of-life or emergency medical care. It helps to make difficult situations a little easier and spares family and friends having to guess what you would have wanted.

  1. Consider a trust for Medical planning.

One of the most important things you can do as an older adult is Medicaid planning. This protects your assets while ensuring eligibility for Medicaid, which helps cover nursing homes and other services you may eventually need.

Request A Consultation With Our Tampa Estate Planning Lawyer Today 

At Bubley & Bubley, P.A., we provide the trusted legal guidance older adults need to protect themselves. To request a consultation, contact our experienced Tampa estate planning lawyer today.





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