What to Sort Out When You Reach 70
Getting older means that you need to start thinking about the legacy that you are leaving behind. While reaching 70 does not mean that your life is over, you will want to start thinking about how you will leave the world and what impact your passing will have. Now is the time to set up charities, the time to sort out your will if you haven’t already done so, and the time to make arrangements so that your loved ones are properly cared for as much as they can be after you are gone.
None of this means that you will pass on soon. You could live for another 30 years, but you will want to have everything in this list sorted out and set up so that you can enjoy those years without worrying about what you have left to do.
Funerals come with a high cost. This cost can quickly become a burden to your family if you do not prepare properly in advance. They deserve to grieve you and have the space to do so. By planning and making the arrangements, even if it is something as simple as stating your desires and setting aside money to cover those costs, you can help them a lot. Do your research now so that your loved ones don’t have to. If you can guide them after the fact to go to www.commemorativecremation.com for a scattering urn and then plan for them to go on a trip together to where you had your big family get-togethers for a final family send-off, you will be giving your loved ones the opportunity for the proper goodbye that they deserve.
Settle your debts, pay off your mortgage, and handle your accounts so that you know precisely how much money you have. This is important simply for navigating your retirement, and it will become even more critical when it comes to creating your last will and testament.
Your Last Will and Testament
Once your accounts are settled and you know what precisely is in your estate, you will then want to sit down with an attorney and draft your will. You will want to discuss with your main beneficiaries any shocking decisions you are thinking of. For example, if you want to give the house to one of your kids instead of liquidating the asset and splitting the money, you will want them to know this in advance. Splitting your assets equally is not always ideal, but leaving that revelation to the reading can be mean. Discuss it in advance to avoid disappointment.
Your belongings will also be divided in your will, and sorting through them now can help your loved ones avoid a lot of hassle and even taxes. Sell what you don’t care about, give away items you don’t use, but your loved ones would like, and start living minimally. This is great for your health, great for your loved ones, and can help you feel like you have your estate settled so you can live with peace of mind.