As we are experiencing midlife at the end of this decade (my God, wasn’t it just 1986?!), many of us are in full stride: settled into our lives, watching our kids grow and perhaps move on, maybe caring for parents whose health may be declining and feeling very, well, adult.
In the midst of all this midlife activity, we often overlook taking care of and looking out for ourselves not only daily but overall.
While a good night’s sleep and a meal not gotten from a window and eaten out of a bag may be great steps in the right direction for being a more productive human being tomorrow, there are also a few things that you can do to invest in tomorrow’s tomorrow.
Before the full holiday season starts, take a few moments to consider these things that will give you the gift of some peace of mind.
Although this stuff is not fun to think of, it is very much an act of kindness to yourself. And that is what we need more of in midlife.
To start the new year off:
Get your documents in order:
1. Create/Update a Will:
Do you have a will or living trust?
If you don’t, neither do 60% of American adults. A will is a critical legal document that outlines how you want your finances and assets to be handled in the event you should die—and you will one day, we all will, so let’s just acknowledge that elephant in the room and move right along. A living trust is similar but allows you to transfer assets while living, which may be a better choice if your family or financial situation is complex.
If you do have a will, do you know where it is right now? Does someone other than you and your spouse/partner/significant know where it is and could access it quickly if needed? If not, locate it and add another person into the loop on where these documents are located and how to get to them.
Should you die without a will, generally, the law of the state you lived in will dictate who gets your assets and how they will be divided. This math problem can become a nightmare on who gets what, especially if you have a second or third spouse, children from previous marriages, or a committed
partner to whom you are not married (in which case a living trust may be a better way to go – finding a good estate attorney may be helpful.) If you have children under the age of eighteen, it is important that to assign guardianship (if the other parent is not able to or passes away with you).
By midlife, we have also generally acquired some type of assets. Assets might include a house, retirement account, and/or some money in the bank. If you created a will in your twenties or thirties, go back and review it. So much changes between our twenties and our forties, you want to ensure that your current livinshould something happen to you.
It is also important for you and your partner to express your individual wishes for what will happen with your assets and possessions in separate documents even though you and your partner’s will may look the same.
And remember, a will is not a set-it-and-forget-it item. Revisit it every few years.
2. Have a living will:
Don’t put the burden of making decisions, often end-of-life ones, on your loved ones. Make a living will. This is a document that provides your wants and directions for end-of-life care. Also called an advance directive, it will allow you to state your wishes for resuscitation, life support and the type of care you do and do not want in the event you cannot speak for yourself.
You can find templates online for your living will that are fairly simple and easy to complete. If you do not have a living will, put it on your calendar to make one before the new year.
3. Review your life-insurance policies:
This is especially important if you have had any major life events in the last few years. Divorce, job changes, having children, grandchildren or a new marriage can all change the way you want your money to be distributed if something should happen to you.
Make sure your beneficiaries are up-to-date. Certain accounts and life-insurance policies generally take precedence over your will. If your beneficiaries don’t match your will, your assets can still go to the or persons listed last on that life-insurance policy you took out fifteen years ago!!
4. Think about your legacy.
What is the legacy that you want to leave? Is there something that you want your money to go to towards? It doesn’t have to be big, think legacy. I have some money dedicated to a trail that I walk on as a way of ensuring it is there for others when I am gone. Morbid? Maybe, but it gives me another way of giving back.
As we come to the end of the decade, take some time to celebrate how far you have come. Take some time as well to celebrate life and how short it is and doing these few things can assist those around us when the time comes to drop the mic and peace out.
Stay Strong. Stay Centered. Stay Healthy.