If you are approaching 60 and have no estate planning in place, it’s important to start taking steps to protect your assets and ensure that your wishes are honored. Here is a list of steps you can take to get started:
Assess your assets and liabilities: Take an inventory of all of your assets, including your savings, investments, real estate, and personal property. Also, make a list of all of your liabilities, such as mortgages, loans, and credit card debt. This will give you a clear understanding of your overall financial situation.
Decide on your estate planning goals: Consider your goals for your estate, such as who you want to inherit your assets, how you want your assets to be distributed, and any specific wishes you have for your funeral and end-of-life care.
Consult with a lawyer: An experienced estate planning lawyer can help you determine the best plan for your specific needs, including setting up a will, a trust, or other estate planning instruments.
Create a will: A will is a legal document that outlines how you want your assets to be distributed after you pass away. This is an essential step in any estate plan.
Consider setting up a trust: A trust can help protect your assets and ensure that they are distributed according to your wishes. There are several different types of trusts, each with its own unique benefits, so it’s important to discuss your options with an estate planning lawyer.
Designate a power of attorney: A power of attorney is a legal document that gives someone else the authority to make decisions on your behalf if you are unable to do so. You can designate a power of attorney for your finances, your medical decisions, or both.
Consider long-term care planning: As you age, you may need long-term care. It’s important to consider the cost of this care and plan accordingly. This may involve purchasing long-term care insurance, setting up a trust, or other estate planning tools.