Updating Your Tampa Estate Plan When You Turn 60
Turning 60 is a major milestone that often brings a new perspective on life. It is a critical time to take care of yourself and to attend to important personal and financial matters, such as estate planning.
Ensuring that your estate plan aligns with your current situation and future goals helps provide peace of mind while protecting you and your loved ones. Our Tampa estate planning lawyer explains common factors that prompt changes at 60 and the types of legal documents to put in place.
Why Updating Estate Planning Documents In Tampa Is Important At 60
Many people take a renewed approach to their health and fitness once they reach 60. The National Institutes of Health advises that staying active, eating healthy foods, eliminating harmful habits such as smoking, and getting enough sleep play an essential role in healthy aging.
In addition to protecting your health, protecting your financial security is also a top priority. Estate planning documents can help preserve assets, ensuring you and your loved ones are provided for in the years to come. Already have estate planning documents in Tampa in place? The following are reasons why you need to update them at 60:
- Changes in your family: Changes such as marriages, divorces, births, and deaths all require updates to your estate plan.
- Changes in your financial situation: Reassess your financial holdings and update your estate plan to reflect increased income, inheritances, or losses.
- Health considerations: Age-related health issues or a difficult diagnosis may make medical directives and long-term care more of a reality.
- Retirement planning: Your estate plan should reflect upcoming changes in employment status, which may involve cashing in on certain assets.
- Tax updates: Estate tax laws in Florida are subject to change. Periodic updates ensure compliance with current regulations.
Key Updates to Make to Your Tampa Estate Plan
Throughout your life, your financial circumstances and goals for the future can change significantly. When you turn 60, make sure your Tampa estate plan reflects your current situation, the potential for unexpected events, and where you want to be in later years. Key updates include:
- Revising your will: Review your current assets, beneficiary designations, and executor.
- Consider a trust: A trust allows for more specific distributions and helps qualify for Medicaid, offsetting long-term care costs.
- Update powers of attorney: This helps avoid guardianship proceedings and protects you if an accident or illness leaves you incapacitated.
- Update advance directives: A living will and other advance directives detail your wishes regarding emergency and end-of-life care, sparing your family from difficult decisions.
Schedule A Consultation Today With Our Tampa Estate Planning Lawyer
As you enter your 60s, your estate plan plays a significant role in protecting your future and providing for yourself and your loved ones. Bubley & Bubley, P.A. provides the experienced, trusted legal guidance you need to make the appropriate updates. To ensure you are ready for this new chapter in your life, call or contact our office online. Schedule a consultation today with our Tampa estate planning lawyer.
Source:
nia.nih.gov/health/healthy-aging/what-do-we-know-about-healthy-aging
