The Child-Free Retirement Playbook
SECURE, SMART, AND SATISFYING
When you look into why people decide to create an estate plan, you’ll find a common thread connecting the top reasons. Many people want to leave money or assets to their heirs, ensure their kids have a prosperous future, and provide a plan regarding guardianship for any minor children. Many common reasons for estate planning involve children, but what if you never had any? Is it still necessary to create an estate plan? Do you need to take other actions to plan for your senior years properly? For starters, everyone should establish an estate plan, regardless of age, family situation, finances, or health. Creating an estate plan allows you to lay out your wishes for various aspects of your life. You can determine what will happen to your money and personal possessions, who can make health care and financial decisions
on your behalf, and more. Establishing an estate plan lets you gain peace of mind about the future while ensuring your loved ones follow your wishes. When looking toward your senior years, estate planning will only get you so far. You should take other actions to ensure you can enjoy retirement comfortably. Consider looking into long-term care insurance to help offset assisted living costs and other facilities. Get out of your comfort zone to meet new people and find a network that provides assistance, encouragement, and support. You can do this by getting more involved with your community, church, or other local organizations. Another thing you should do is list out all your important information. Keep records of your bank accounts, insurance policies, important contact information, monthly
bills, and upcoming medical appointments. Having this information on hand will make everything easier if someone else has to step in to help out. Your senior years do not have to be confusing, challenging, or lonely if you have never had children. By taking action and making plans, you can make the most of your retirement and enjoy it to the fullest!
What About Those Photos and Videos in the Cloud?
INCLUDING DIGITAL ASSETS IN YOUR ESTATE PLAN
We live in a highly digital world, and with that comes great benefits for storing information and building personalized time capsules of photos, videos, and notes. People can stay in contact with friends and family members across great distances and continue to build those relationships. As our lives become increasingly digital, it’s important to consider how you will make
the legacy you are building accessible to your loved ones once you pass away. It’s no secret that most institutions store customer information through email, web portals, and other online services. If you think keeping track of your passwords can be a struggle, imagine the difficult situation your family will be in trying to guess what it might be without assistance. Using a password manager is the perfect solution to this problem! Not only does it store all your passwords in one place, requiring you to remember a single master password, but you can designate a contact to gain access to your information should you pass away before giving them that information. One key change in this digital age is the storage of information in cloud servers. Your cloud accounts are a treasure trove of important documents, notes, photos, and videos. These highly personal documents and
data can be incredibly meaningful to your loved ones and also vital for ensuring your wishes are carried out exactly as you specified. One great way families and friends have been able to stay connected is by using one of the many social media platforms! For some, services like Instagram, Facebook, and TikTok have become catalogs of memories worth preserving. Some of these platforms make it possible to memorialize someone’s page, which protects the photos and posts for a trusted person to manage on their behalf. Regardless of how frequently you use online services, putting a plan in place for your family to manage your digital assets is vital to protecting your legacy. For more information and recommendations on specific services, check out the article “Before You Die, Secure Your Digital Life” by Julie Jargon in The Wall Street Journal.
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