Turning 60 is a major milestone — and one that comes with both freedom and responsibility. If you’re like many of the clients I work with at Manna Wealth Management, you’ve spent a lifetime building your wealth, raising a family, and making smart financial decisions. Now, it’s time to ensure that everything you’ve worked for is protected, preserved, and passed on according to your wishes.

As a seasoned financial advisor, I believe estate planning isn’t just for the ultra-wealthy — it’s for anyone who wants to maintain control over their future. This article walks you through a complete Estate Planning Checklist that every individual or couple should address before age 60.

✅ Draft or Update Your Will

Your will is the foundation of your estate plan. Without one, state law will determine who inherits your assets — and it may not be what you intend.

What to Include:

• Naming an executor (the person who will manage your estate)
• Designating guardians for minor children (if applicable)
• Instructions for distributing assets, heirlooms, or personal property

✅ Assign Powers of Attorney

If you become unable to manage your affairs, power of attorney (POA) documents allow someone you trust to step in.

• Durable Financial POA: Allows someone to manage your money, pay bills, and handle transactions.
• Medical POA (Healthcare Proxy): Lets a person you choose make medical decisions if you’re unable.

One of my Boca Raton clients had no medical directive in place, and her adult children had to fight over treatment decisions in court. That stress could’ve been avoided with just two signatures.

✅ Review and Update Beneficiaries

Did you know that beneficiary designations override your will?

What to Review:

• 401(k)s and IRAs
• Life insurance policies
• Annuities
• Pension plans
• Transfer-on-death (TOD) or payable-on-death (POD) accounts

At 60, it’s common to have outdated information from decades ago — ex-spouses, deceased relatives, or even blank fields. I recently worked with a client from Naples who discovered their life insurance still named a sibling from 30 years ago instead of their children.

✅ Organize Your Digital and Physical Documents

If something were to happen tomorrow, would your spouse or children know where to find everything?

Documents to Compile:

• Legal documents (wills, trusts, deeds)
• Passwords and digital access instructions
• List of financial accounts and advisors
• Insurance policies
• Copies of tax returns

✅ Plan for Estate Taxes (Even in Florida)

While Florida has no estate tax, federal estate taxes could still apply if your estate exceeds $13.61 million per person in 2025 (subject to change after 2025 due to potential sunsetting provisions).

High-net-worth families should consider:

• Irrevocable life insurance trusts (ILITs)
• Charitable trusts
• Gifting strategies to reduce the taxable estate
• Family limited partnerships (FLPs)

 

✅ Consider Long-Term Care Planning

Nearly 70% of people over 65 will need long-term care at some point. It’s expensive — and often not covered by Medicare.

Options to explore before 60:

• Traditional long-term care insurance
• Hybrid life + LTC policies
• Self-insurance through investment strategy

✅ Talk to Your Family

An estate plan only works if your loved ones understand your intentions. Open communication reduces confusion and tension later.

Suggested conversation points:

• Who will handle your affairs?
• How assets will be divided?
• Where important documents are located
• How charitable giving fits into your plan

This doesn’t have to be one big conversation — it can be a series of thoughtful discussions that foster trust and transparency.

Final Thoughts: Planning = Peace of Mind

Estate planning isn’t about preparing for death — it’s about protecting your legacy, your loved ones, and your life’s work. And there’s no better time than before age 60 to ensure your plan is complete, current, and aligned with your goals.

Want help checking all the boxes? Reach out to me directly via my page, and let’s make sure your legacy is as intentional as the life you’ve built.

 

1. What happens if I die without a will in Florida?

If you pass away without a valid will in Florida, the state’s intestacy laws will determine how your assets are distributed — which may not align with your wishes. This can lead to delays, legal fees, and family conflict. Creating a will gives you control.

2. Do I still need a trust if I already have a will?

Yes, in many cases. While a will dictates who receives your assets, it must go through probate. A revocable living trust helps avoid probate altogether, keeping your affairs private and often more efficient for heirs.

3. How often should I update my estate plan?

I recommend reviewing your estate plan every 2–3 years or after any major life event — marriage, divorce, birth of a grandchild, inheritance, or relocation.

4. Is estate planning only for wealthy individuals?

Not at all. Estate planning is for anyone who owns assets, has dependents, or wants to designate who makes medical or financial decisions in case of incapacity. Even modest estates need proper planning to avoid confusion and unnecessary costs.

5. What is a power of attorney, and why do I need one?

A Power of Attorney (POA) allows someone you trust to manage your financial affairs if you become incapacitated. Without it, your family may need to go through court proceedings just to pay your bills or handle your assets.

6. What is the difference between a revocable and irrevocable trust?

A revocable trust can be changed or canceled during your lifetime. It’s great for avoiding probate and maintaining flexibility. An irrevocable trust, on the other hand, generally cannot be changed and is often used for asset protection or estate tax planning.

7. Should I include digital assets in my estate plan?

Absolutely. Digital assets — including online banking, investment accounts, email, and even social media — need to be included in your plan. List accounts, logins (stored securely), and assign a digital executor if needed.

8. Who should I choose as executor or trustee?

Choose someone trustworthy, organized, and preferably financially literate. This could be a spouse, adult child, or even a professional fiduciary. I often help clients evaluate and train their chosen executors or trustees.

9. How can I reduce estate taxes for my heirs?

Gifting strategies, charitable giving, irrevocable trusts, and life insurance trusts (ILITs) are all powerful tools. Even though Florida doesn’t have a state estate tax, the federal estate tax may apply to larger estates.

10. When should I start estate planning?

Ideally, start by your 40s — but certainly by 60. The earlier you plan, the more flexibility and options you have. And remember, estate planning isn’t just about death — it’s also about managing your wishes during life in the event of incapacity.