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Estate Planning Essentials for Pre-Retirees: Wills, Trusts & Legacy Goals

As you approach retirement, your focus naturally turns to income planning, healthcare decisions, and lifestyle choices. But one equally important — and sometimes overlooked — part of a comprehensive retirement strategy is estate planning. For individuals in their 50s and early 60s, building a thoughtful estate plan is more than deciding who receives what; it’s about protecting your loved ones, reducing stress during difficult times, and ensuring that the wealth you’ve spent a lifetime building is passed on according to your wishes.

Why Estate Planning Matters Now

Estate planning isn’t just for the wealthy or the elderly. At this stage of life, you may be at or near your peak net worth, balancing retirement savings, property, life insurance, and future healthcare costs. Without clear legal direction:

  • Your estate could face unnecessary taxes or delays.
  • Family members may struggle to make medical or financial decisions on your behalf.
  • Your assets may not be distributed the way you intend.

 

A well-structured estate plan safeguards your wishes and provides clarity when it matters most.

 

Key Estate Planning Documents Every Pre-Retiree Should Have

1. A Will

A will outlines how you want your assets distributed and who will oversee that process. Without one, state law decides on your behalf — often not in the way you’d prefer. A will also allows you to:

    • Name an executor
    • Specify guardianship for dependents
    • Make specific bequests or charitable gifts

Even if you already have a will, review it regularly. Life events — marriage, divorce, inheritance, birth of grandchildren — may require updates.

2. Power of Attorney

A durable power of attorney authorizes someone you trust to make financial decisions if you become unable to. This can help avoid court intervention and keep bills, investments, and tax matters on track during unexpected events.

3. Healthcare Directives

A medical power of attorney and living will outline your healthcare preferences and designate someone to speak for you if you’re incapacitated. These documents remove uncertainty during emotional times and ensure that your personal values guide any important medical decisions.

4. Trusts

Trusts can be a valuable tool for managing how and when assets are distributed. They can help:

    • Avoid probate (the often lengthy court process verifying your will)
    • Protect minor or financially inexperienced beneficiaries
    • Reduce estate taxes in certain situations
    • Provide privacy that a will cannot

Whether a revocable living trust or another structure is right for you depends on your family needs, estate size, and long-term goals.

 

Planning for the Legacy You Want to Leave

Estate planning is not only about transferring assets — it’s about transferring values. Ask yourself:

  • What impact do I want my wealth to have?
  • How do I want to support my spouse, children, or grandchildren?
  • Are charitable giving or family education funds part of my vision?

Your legacy may include financial gifts, but it can also include life lessons, family history, ethical wills, or philanthropic intentions. A well-crafted estate plan can help ensure your legacy endures in the way you imagine.

Work With Professionals You TrustEstate planning is most effective when coordinated with legal, tax, and financial advisors. A financial professional can help you:

  • Align estate documents with your retirement plan
  • Make tax-efficient decisions about gifting and inheritance
  • Review beneficiaries on accounts like IRAs, 401(k)s, and insurance policies
  • Ensure your legacy objectives are fully integrated into your broader financial picture

 

The Time to Plan Is Now

If you’re in your 50s or early 60s, estate planning shouldn’t be a future to-do — it should be part of your retirement preparation today. With the right structure in place, you can move into retirement with clarity, confidence, and peace of mind knowing your loved ones and legacy are protected. Contact a Vertex Planning Partners Advisor at in**@************rs.com to talk about your specific situation today.

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Vertex Planning Partners and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation.

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Peter M. Babilla, CFP®, CRPS®

PARTNER

Peter Babilla brings 40 years of experience in investment management and fiduciary* financial consulting to Vertex Planning Partners, LLC.

Pete graduated from Indiana University in Bloomington, Indiana with a Bachelor’s of Science in Finance.

He began his career in 1983 with a focus on institutional fixed-income portfolio management, primarily working with community banks. After a decade serving institutional clients, Pete shifted his focus to working with individuals, families and business owners, providing guidance and education in all areas of Wealth Management.  Among his areas of focus are accumulation and retirement planning, investment management, risk management, and estate and wealth transfer.

Pete’s planning philosophy allows him to create a personalized program for clients, based on their own unique goals and circumstances.  The extensive investment and planning platform offered by Vertex enables him to create a highly customized program, tailored to each individual client.

Pete and his wife Suzanne have two children, and have resided in Wheaton, Illinois for the past 30 years.  He enjoys golf, reading, and traveling with his family.  Pete gives back as a past Board Member of the Epilepsy Foundation of Greater Chicago, where his focus is on improving the lives of those living with epilepsy.

Pete works as fiduciary for his clients and holds the CERTIFIED FIANANCIAL PLANNER™ (CFP®) designation and the Chartered Retirement Plan Specialist (CRPS®) designation.

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JUSTIN J. D'AGOSTINO, CFP®, TPCP®, ChFC®, CRPC®

PARTNER

Justin D’Agostino joined Vertex Partners in 2019 and serves a select group of business owners and affluent families. He specializes in investments, financial planning, and succession planning. His interest and knowledge in providing comprehensive financial planning and wealth management services to clients was sparked when he worked at a boutique tax and wealth management firm in Michigan. He has nine years of experience in the financial services industry, and his mission is to provide every client with targeted, comprehensive financial advice and to help them implement customized strategies designed to move them closer to accomplishing their unique goals.

Justin attended Hillsdale College where he earned his BA in Accounting and Financial Management and was a member and captain of the football team. Justin is a CERTIFIED FINANCIAL PLANNER™ Professional, and holds the Tax Planning Certified Professional®, Chartered Financial Consultant® and Chartered Retirement Planning Counselor™ designations.

Justin and his wife, Alexandra, reside in Chicago, Illinois. He is an avid sports fan and enjoys golfing, playing soccer and spending summer weekends with his family.

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Scott A. Sandee CFP®, CIMA®, CPWA®, CEPA

MANAGING PARTNER

Scott Sandee brings over 20 years of experience to his role as Managing Partner of Vertex Planning Partners, leading the firm’s efforts to assist middle-market business owners and eight and nine-figure families in comprehensive planning. We enable clients to achieve their financial goals by tailoring solutions to their unique aspirations and situations. Leveraging his experience in sophisticated investment techniques and financial strategies with privately held family businesses, supported by extensive post-graduate education focused on exit planning, wealth management, estate planning, investment analysis, insurance planning, risk management, and tax optimization, he:

  • Assist owners in preparing for and executing a successful transition.
  • Develop financial strategies to maximize sales proceeds and reduce future taxes.
  • Listen carefully and create personalized solutions that reflect each client’s unique hopes, goals, and concerns.
  • Explain complex and technical concepts with clarity and simplicity.

 

Scott guides successful entrepreneurs and wealthy families through the transfer of ownership of their privately held companies.

Designations: Certified Financial Planner® Certified Private Wealth Advisor® Certified Investment Management Analyst® Certified Exit Planning Advisor Certified Merger & Acquisition Advisor

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Julie Hupp CFP®, MBA

PARTNER

Julie Hupp, CERTIFIED FINANCIAL PLANNER™ professional, has worked in the accounting and corporate finance field since 1987. She began her career as a CPA with Deloitte & Touche, specializing in the financial needs of small businesses. Then spent the next 13 years in corporate financial planning and business development at Baxter and TAP Pharmaceuticals. Recognizing her passion for personal financial planning, Julie started her business in 2006 where she focuses on comprehensive financial planning strategies and implementation.

Julie graduated from University of Illinois with a BS in Accountancy. She received her Master’s in Management with a concentration in Finance from Northwestern University’s Kellogg School of Management in 1994.

Outside the office, Julie is the co-founder of the 12 Oaks Foundation, which has merged with Cal’s Angels, and is a former Board member. Julie enjoys cooking, reading, running, triathlons and doing almost anything outdoors. A great weekend is spending time with her husband and two adult kids boating at their lake house in Wisconsin.

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Steven P. Franzen, CPA, PFS, CGMA

MANAGING PARTNER

Steven P. Franzen, CPA, PFS, CGMA is a public accountant and consultant with more than 23 years of experience helping individuals and businesses reduce their tax liability.  He began his career under the guidance of Patrick M. De Sio, CPA, CGMA and in 1996 became Mr. De Sio’s partner in De Sio, Franzen & Associates, Ltd. Steve’s expertise include entity design, complex tax strategies and multigenerational wealth transfer.  As Managing Partner, Steve conducts his practice under the philosophy that the client’s investment in their CPA should yield a return on that investment – most of the time that return is realized when working with clients on planning for their future. In an effort to increase the planning capabilities of the firm,  Steve formed Vertex Accounting Partners, LLC to ensure their guiding philosophy will continue well into the future.

Steve is a certified public accountant and has earned the professional designations of Personal Financial Specialist and Chartered Global Management Accountant.  He is a member of the American Institute of Certified Public Accountants and the Illinois CPA Society.  Steve earned a B.S. degree in accounting from Millikin University.  He and his wife Kristie live in Sugar Grove, IL with their three children.

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Gregory P. Benner, MST, CPWA®, CFP®, CLU®, ChFC®, AIF®, RMA®

MANAGING PARTNER

Greg Benner advises high-net-worth and ultra-high-net-worth business owners, individuals and families on advanced tax, risk management, retirement, estate planning, and wealth strategies.  

As a co-founder of Vertex Planning Partners, he works closely with clients, families, and their professional advisors—CPAs, attorneys, and business stakeholders—to implement thoughtful, durable planning strategies. His approach prioritizes clarity, coordination, and disciplined execution.

For twenty-four years, Greg’s work has focused on designing and coordinating multi-factor, integrated plans involving:

  • Tax Efficiency
  • Wealth Transfer Structures
  • Retirement Planning
  • Investment Strategy, and
  • Long-Term Financial Architecture

 

Drawing from his own experience as a founder, business and real estate investor, and multi-generational family business member, he understands some of the challenges that can arise for business owners as they consider an exit. Multi-disciplinary, intentional planning with stakeholder communication creates structure, mitigates risk, addresses tax implications, and preempts issues that can arise.

Greg holds a Master of Science in Taxation, a graduate program that deepened his technical training in federal income taxation, partnership and corporate taxation, estate and gift tax, and tax procedure. This academic work enhances his ability to help families and business owners navigate complex tax environments and align their financial and estate-planning objectives across generations.

Designations:

  • Certified Private Wealth Advisor®
  • Certified Financial Planner®
  • Chartered Financial Consultant®
  • Chartered Life Underwriter®
  • Accredited Investment Fiduciary®
  • Retirement Management Advisor®

 

Licenses:

  • Series 65 registration held with Vertex Planning Partners, LLC
    Illinois, Ohio, Wisconsin & Louisiana Life & Health Insurance License

 

Greg is deeply committed to lifelong learning and continuous professional development in the areas of tax, estate planning, and private-wealth strategy.

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Michael D. Bellis, CFP®, CLU®

MANAGING PARTNER

Michael D. Bellis, CFP®, CLU® began his career as a financial planning professional in 1994. His practice is centered on holistic financial planning, astute risk management strategies and empirical, research-driven portfolio construction. He began his career in partnership with his father under the name Bellis & Associates. Together, their practice and reputation for excellence dates back more than 40 years and includes multiple generations of the same families. After his father’s retirement several years ago, Mike continued to build a client-centric, consultative practice before forming Vertex.

Mike holds the CERTIFIED FINANCIAL PLANNER™ certification and is also a Chartered Life Underwriter. He has been an active member of both the Society of Financial Services Professionals and the National Association of Insurance and Financial Advisors. He earned a B.S. in Business & Marketing from Illinois State University. Mike is a lifelong resident of Naperville, Illinois. He and his wife Tanja have three children.

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