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How to plan for retirement assets in your estate plan

On Behalf of | Jun 3, 2022 | Blog, Estate Planning

If you’re like most people in Florida, you want to make sure that your hard-earned retirement savings are taken care of after you die. Unfortunately, many people don’t think about this until it’s too late. To avoid leaving your loved ones in a difficult financial situation, it’s important to make the following considerations.

Determine your goals

It’s important to think about what you want to do with your retirement savings before you create your estate plan. This will help ensure that your assets are distributed the way you want them to be. Your goal may be to provide for your family, donate to a favorite charity, or leave a legacy for future generations. If you’re not sure what you want to do with your money, consider talking to a financial advisor.

When you know your estate planning goals, you can start thinking about how to best achieve them. For example, if you want to provide for your family, you may need to create a trust that will hold and manage your assets for their benefit.

Choose the right beneficiary

The beneficiary is the person or organization that will receive your assets after you die. You can name anyone as your beneficiary, including your spouse, children, parents, a close friend or a charity. Make sure to choose someone you trust to handle your money the way you want them to.

It’s also important to keep your beneficiary information updated. If you get married, have children or divorce, you’ll need to update your beneficiary designation. You should review your beneficiaries at least once a year to make sure they’re still appropriate.

Decide how your assets will get distributed

Once you’ve named a beneficiary, you need to decide how your assets will get distributed. You can leave specific instructions in your will or trust, or you can let your beneficiary make the decision.

They can either receive the assets all at once or over a period of time. For example, you may want your beneficiaries to receive the assets when they reach a certain age or when they get married.

You also need to decide what will happen if your beneficiary dies before you do. You can name a secondary beneficiary who will receive the assets if your primary beneficiary dies.

Creating an estate plan can be a complex process, but it’s important to take the time to do it right. By considering the above factors, you can be sure that your retirement savings are taken care of according to your wishes.