New Year’s Resolutions for Each Age Group: 20s, 30s, 40s, 50s, 60s, and Beyond
By Renee Fry, Founder & CEO of Gentreo
COVID isn't showing any signs of stopping, and continues to make life unpredictable. This means we all need to be prepared for whatever might come in 2022. Part of being financially prepared is estate planning, so that we make our choices regarding our finances and our loved ones' futures, instead of having the courts and others make choices for us. Estate planning is now affordable - Gentreo only charges $100 for all of your documents and a digital vault to save and store your documents and important information.
Estate planning needs to grow with you - and it is for all of us: married, single, divorced, young, or not so young. As you make your New Year’s resolutions for 2022, let’s talk about what each generation should consider when it comes to protecting your financial future and your loved ones…
Look to get at least a Health Care Proxy so someone you love and trust can make your health care decisions and not the courts. You should update it every two years so it is accepted by healthcare providers (and the courts) if something happens. A will is a good idea too, but make the resolution to at least get a Health Care Proxy.
It’s probably time for a Will and a Health Care Proxy. Even if you have only a car, you have assets. Up to 8% of your net worth can be lost in legal fees if you pass away and you haven’t done a Will. It doesn’t matter whether you're single or married, because if an asset isn’t a joint asset, or if it's not named in a Will, it goes to court, causing hassles and headaches for your surviving loved ones.
You might be caring for aging parents and children at this stage of your life. This means you need to get all of your ducks in a row and make sure your parents have updated documents, too. The three essential estate planning documents are Wills, Health Care Proxies, and Powers of Attorney for financial assets.
Trusts might be good at this age to help protect your assets. There are lots of different types of trusts, so you need to know what type you need so as best to meet your financial goals. Make sure all of your documents are updated so if they need to be used, they are current. If the contact information for your beneficiaries is out of date when you pass away, your executor (also known as a personal representative) may have trouble tracking down your heirs.
Inventory your life – from assets (even digital assets like cryptocurrency) to your home, stocks, savings and more. Make sure you know what you own and designate someone you trust to have access to this information so they know where to turn if something happens. There are billions in unclaimed assets out there, don’t add yours to the list!
70’s and beyond:
Keep updating all of your documents as life changes, assets move, or friends and loved ones are lost. Make sure your choices are known.
No matter what your age, an estate plan helps you protect everyone you love throughout your life. Make your decisions so someone else doesn’t make them for you. Updating or creating your estate plan is an achievable financial goal that can preserve and protect your assets with the added benefit of giving yourself and your loved ones peace of mind in 2022 and beyond.
About the Author:
Renee Fry is the CEO of Gentreo™, an award-winning online estate planning platform that makes estate planning affordable and accessible to all. Based in Boston, Gentreo was created by Renee and her sister Julie Fry with the mission of helping families protect what matters most to them. Through Gentreo, users of all service tiers can create state-specific documents, and securely store and share their documents. What’s more, Gentreo offers a suite of extras, such as estate planning coaching, onboarding guidance, legal reviews, funeral planning, and more. Gentreo is not a law firm or a substitute for a law firm or attorney or an attorney’s advice or recommendations. For more information, visit www.gentreo.com, or connect with Gentreo on Twitter, Facebook, and LinkedIn.
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