Do-It-Yourself Wills - The Pros and Cons

A shocking 60 percent of American adults do not have a will.  This includes both young parents who have failed to choose a guardian for their children in the event of their death, as well as very elderly people who want to leave their assets to their loved ones, but have never bothered to put their wishes in writing. In fact, even for those over the age of 55, approximately 45 percent do not have a will.  There is little reason for this, because nearly anyone can quickly and easily make a will which will satisfy the legal requirements in their state. 

Why Do You Need a Will?

Everyone should have a will, even if they have very few assets.  If you die without one, the laws of your state will decide who gets your assets, including the contents of your bank accounts.  Even if you do not own much of value, you still want to be the person who decides who will get your favorite artwork, jewelry, motorcycle, or car, if you die unexpectedly.  Once you have children, a will becomes even more important.  You will want to use it to designate the person who will be the guardian of the children if you die before they become adults.  This is not something to be left to the courts, because you know things about your friends and family that the state does not know.  For example, is one of your siblings more responsible than the others?  Do you have a friend or family member who is more willing and able to care for your children?  You need to make these decisions, not a judge.

You Can Make an Affordable Will Online in Less than an Hour

Some people do not have a will because they are concerned about the expense of meeting with an attorney to have one professionally written.  Other people do not believe that their assets are large enough to warrant spending a lot of money on a will.  Fortunately, you can easily go online and create your own will quickly and cheaply. There are a variety of websites which make it easy for you to create a will, trust, and any other documents you need.  Among the sites you will want to check out are:

freewill.com
legalzoom.com
rocketlawyer.com
uslegalwills.com

You can also order the Quicken WillMaker Plus.  (Ad) It is a software package which contains everything you need and is highly rated.

For those who do not have a computer, you may want to just order blank forms you can fill in, such as the Family Law Legal Planning Kit. (Ad) It has blank forms you can copy and fill-in, as well as laminated instruction sheets.  You can handwrite or type the information directly onto the form. This is perfect for someone who wants to keep it as simple as possible.

At the very least, whichever system you use, you will want to make sure the documents you create include a will, a trust, an advance health care directive, and a power of attorney to cover financial matters in the event you are temporarily or permanently incapacitated.

Your healthcare provider may have already had you complete an advance health care directive, especially if you have been admitted to a hospital, had surgery, or you are undergoing complex treatments, such as chemotherapy for cancer.  An advance health care directive covers issues such as whether or not you want to have your life extended artificially and for what length of time, whether you would want to be on equipment such as a breathing tube if doctors have declared you brain dead, or what organs or tissue, if any, you would be willing to make available for transplant.  My healthcare provider, Kaiser Permanente, holds classes to help people complete their health care directive, and my husband and I found the class was very helpful.  They also provided the necessary witnesses, so we were able to complete the form without undo stress or complications.

Advantage of Do-It-Yourself Wills

The most obvious advantage of a do-it-yourself will is that you can create everything you need at home, privately, with very little fuss.

They are quick.  Nearly all of the documents can be created in less than an hour.  My husband and I used Legal Zoom to do our will and, a few weeks after filling everything out online, we were mailed a beautiful printed copy of the will, trust and other documents for us to sign and have witnessed.

Do-it-yourself wills are affordable. The cost ranges from free to under $200 for everything you need.  This is a bargain compared to the cost of hiring a professional to do the will for you.

Risks of a Do-It-Yourself Wills

Although creating a simple will yourself is very affordable and appealing, there are risks which could result in unexpected estate planning mistakes.

It is important for you to follow the formalities for your state.  For example, in New York the witnesses must sign the document and include their home addresses.  In Louisiana, the wills must be signed in front of a notary public.  If the online site you use does not give you specific information about signing the will in your state, you can find the pertinent laws at:

statelaws.findlaw.com/estate-planning-laws/wills.html

Another potential problem is that, if you have a complicated personal or financial life, you may not be able to deal with all your complex wishes in a simple online will.  For example, if you have an adult child who is mentally or physically handicapped, you may need a special trust set up for their care.  If you are estranged from one of your children and they will not be included in the will, you may need professional assistance to make sure you handle this situation correctly in your state. If you own a farm or business and plan to pass it on to one or more of your children, you may need professional help to make sure the transition goes as smoothly as possible, while paying a minimum of estate taxes on the business or farm.  In other words, any situation which is not a simple split of your assets among your heirs, with a few specific bequests, may require you to get help from an attorney.

If you make a critical error, it may not affect you, but it could certainly create bad feelings, confusion and unnecessary expenses for your family members after you are gone.

According to professional trustee, executor and estate planner, Marguerite C. Lorenz, in an article she wrote titled "The Problems with Do-It-Yourself Online Wills," the biggest risk is that "you don't know what you don't know."  There are laws and probate code which could affect what happens after you die, and you may not fully understand the implications of some of the decisions you made in your will.

One of the things you may not know is that you do not want to put your funeral instructions in your will.  You want to discuss these plans with your relatives while you are alive, put them in writing, and give your instructions to a family member.  If they are written in your will, your instructions may not even be found or read until after you are buried!

You also need to know that your retirement account assets, your life insurance, and your annuities do NOT get passed down through a will.  These assets have beneficiary-designation forms which take precedence over a will.  Make sure you have completed these forms and keep them up-to-date, or your former spouse may end up with your life insurance or 401(k).

Do not forget to ask someone to be your executor before you name them in your will.  The first person you ask may not want that responsibility, which could cause problems after you are gone. 

The goals of a will are to avoid the necessity of having your heirs go to court, and to make your desires clear.  If your will does not achieve these goals, you have missed the mark.

However, even estate planner Marguerite C. Lorenz agrees that whether you hire a professional or use a do-it-yourself online service, everyone should have a will.  Dying without a will is much worse than any difficulties which could arise from having a will which has been completed on a do-it-yourself site. 

Disclosure: This blog may contain affiliate links. If you decide to make a purchase from an Amazon ad, I'll make a small commission at no extra cost to you.

If you are interested in learning more about financial planning, Social Security, Medicare, where to retire, common medical issues as you age, travel and more, use the tabs or pull down menu at the top of the page to find links to hundreds of additional helpful articles.

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Seniors Embrace Technology and Smartphones

Many younger adults have the impression that people over the age of 65 are clueless and incompetent when it comes to using technology. However, although that may be true for the most elderly seniors, many members of the Baby Boomer generation are either still in the workforce or they have just retired in the past few years.  Consequently, they are more comfortable with modern technology than their children and grandchildren may realize.

As a Baby Boomer myself, nearly everyone I know has a smartphone, a computer, and access to the internet. The majority of my friends are also active on social media, at the very least using Facebook.  In fact, according to surveys, over 80% of Baby Boomers are on at least one form of Social Media, primarily on Facebook. About 13% of Baby Boomers use LinkedIn; 5% use Twitter and 1% use Instagram.  Women tend to post more frequently than men.  Baby Boomers are also more likely than their younger relatives to share political content. *

While Baby Boomers are often lumped in with older seniors in their 80s and 90s by younger generations, it is the Baby Boomer generation which is primarily responsible for the rapid increase in the use of technology by senior citizens. According to a report by the Pew Research Center, smartphone use among Americans over the age of 65 has quadrupled since 201l.  Most of these smartphone users are Baby Boomers, with their numbers growing daily.

Below are some additional interesting statistics about people over the age of 65 and their use of technology.

Senior Citizens over age 65 and the Technology They Use

Remember, the statistics below include all older people, including those in their late 60s, 70s, 80s, 90s and those over 100, not just the Baby Boomers, who are currently under 75. As a result, the fact that so many seniors in general are using the internet and smartphones is quite impressive.  These statistics are from the Pew Research Center.

For ALL Seniors over the age of 65:

67% use the internet

51% have home broadband

42% have a smartphone

32% have a tablet (like an iPad)

34% use social media such as Facebook, LinkedIn, Twitter or Instagram

AARP Survey of Smartphone Use by All Seniors

AARP has also surveyed their members, and this is what they found:

Of the 42% of people over the age of 65 who own a smartphone, nearly all of them are sophisticated enough to use it for more than just making phone calls.

89% use it to send and receive emails or text messages

77% get traffic information and directions

42% play games on their smartphone

34% watch videos or shows on it

28% use their smartphone to manage their medical care (for example, getting lab results, messaging their doctors, or ordering prescriptions)

Personally, I have noticed that many of the women I know also use their smartphones to take photos and videos, especially of their grandchildren and their trips, and share them with their friends. I rarely attend any casual social function where women are not passing their phones around, showing off their latest family photos!

Seniors Also Use Computers Regularly

According to the same surveys mentioned above, when making a purchase, 79% of senior citizens regularly use a computer; 35% are also comfortable using a cell phone to make purchases.

When looking online for discounts or deals, 61% do their research on a computer; 37% will turn to their smartphone.

When doing their banking or other financial transactions, 79% turn to their computer and 35% are willing to use a smartphone.

Among the people I know, the ability to do online banking from home, transfer money between accounts, and deposit checks electronically has been a tremendous help to people who no longer drive or who just do not want to go out in bad weather.  Shopping online has also made it much easier for seniors to buy gifts, have them wrapped, and mailed directly to family members.  In addition to gifts, some seniors are using their computers and smartphones to order groceries or have meals delivered to their homes. This has greatly benefited seniors who find it difficult to get out and go shopping.

Seniors have a Positive Attitude about Technology

When asked by the Pew Research Center about the effect technology has had on society, 58% believe the effect has been mostly positive, 33% felt the effect has been a mix of good and bad, and only 4% of those over the age of 65 believe that the results have been mostly negative.

Having a positive attitude about technology is important, because it is likely that the ability to use a computer and smartphone will be even more important in the future, when these devices could become the major way most of us contact our doctor, pay our bills, manage our finances, order our medications and groceries, or perform other aspects of daily living.  

Generation X Will be Also Start Retiring in the Coming Decade

Most of the above statistics reflect the impact of  the10,000 Baby Boomers who are reaching age 65 every single day in the United States.  Because of their experiences in the work force, they are bringing their comfort with technology into retirement with them.

Over the next ten years, the Baby Boomers will be followed by Generation X.  This age group was born between 1965 and 1980, which means the oldest of them will begin turning 55 in 2020 and and could start moving into retirement communities, joining the Baby Boomers and older generations in these neighborhoods.   As Generation X ages, the percentage of seniors using the most advanced technology will continue to increase. 

In my own retirement community, I recently overheard two men chatting at the gym, complaining that they didn't like the music and activities offered by the Baby Boomers Club and they thought they should start a Generation X club!   Progress continues to march on!

If you are retired or a Baby Boomer and would like to share your personal experiences with technology, please share them in the comments section below.

If you are interested in learning more about aging, retirement planning, common medical issues as you age, Medicare, Social Security, and more, use the tabs or pull-down menu at the top of the page to find links to hundreds of additional articles.

* Sources for statistics about Social Media usage:   https://medium.com/@LiquidLockMedia/12-outstanding-statistics-on-baby-boomers-and-social-media-2be6c49b5b91  and from:  Pew Research Center as reported by AARP in their publications in 2019.

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Photo credit:  Photo taken by author

Top Retirement Posts in 2019 - Health, Dementia and Money on Minds of Retirees

At the end of each year, we look back at the posts on this retirement blog which received the most interest from readers.  It is always fascinating to see which topics dominated the attention of Baby Boomers and other retirees.  This year, it was very clear that readers were primarily interested in articles dealing with health, healthcare, dementia and money.  The articles listed here were read several times as often as the typical article on this blog in 2019.

Below is a list of the top ten articles of the year, starting with the most popular article at the top.  To read the full articles, simply click on the titles.

The Affordable Care Act 2020 - Are You Eligible for the ACA? - This article received more attention than any other article this year, and five times the number of views of some of the typical post.  Clearly, thousands of readers were interested in learning how to get more information on the Affordable Care Act and find out whether or not they are qualified to get a reduction in health insurance premiums.  Finding affordable healthcare is a very important issue, especially for readers who are approaching retirement, but are not old enough, yet, for Medicare.

Shocking Financial Facts about Retirement - Many people who have not retired yet will be shocked to learn that it is likely they will need to continue to work AFTER retirement, that they will need to save more money before retirement, and that they need to be financially prepared to live another two to three decades.  These are just some of the shocking facts revealed in this article.

The American Blue Zone Lifestyle Could Help You Live a Longer, Happier Life - This article will surprise many readers who believe that the only people who commonly live to be over 100 years old are those who live in faraway, exotic locations.  In fact, a suburb of Los Angeles, California is occupied by a group of people who routinely live long, healthy, active lives well into their 90s and, often, until they are over age 100.  Learn how this community became one of the world's Blue Zones of long life, despite being located on the smoggy, inland side of Los Angeles.

Retired Women: Were You Prepared? What Would You Have Changed? - This article was an opportunity for my female readers to get involved in a project to help researchers who are working on a book designed specifically for women who have not yet retired.  These researchers hope to spare some younger women from the difficulties experienced by women who are already retired.  A number of my readers submitted their experiences, which will eventually be shared in the book these women are writing.

Protect Yourself from the Deadly Flu Virus - Avoid Death from this Serious Disease - During the winter of 2017-2018, approximately 80,000 people in the United States died of the flu, according to the Centers for Disease Control and Prevention.  More than 12,000 of them were over the age of 65. This year, thousands more have already died of the flu. This article goes into detail about the importance of getting the flu vaccine, as well as other ways to lower your risk of getting the flu.

Marijuana, Brain Health, and Alzheimers Disease - What impact does marijuana use have on your brain?  This article covers the benefits and risks, and they can be quite different for senior citizens and adolescents.  Could marijuana even slow down the development of Alzheimer's Disease?  Perhaps.  Learn more in this interesting article.

Low Investment Costs on Retirement Funds Can Save You Money - This article explains when it is a good idea to hire a financial advisor, and when you can save money by investing your savings directly in a low-cost or no-cost mutual fund, without the services of an advisor.  You should get help when you need it, but why spend money unnecessarily?

Reduce Alzheimers and Other Dementia Risks - You Can Protect Your Brain Health -  Learn about the Four Pillars of Brain Health and how you can easily incorporate them into your lifestyle.  While there is no cure for Alzheimer's Disease or most other forms of dementia, there are lifestyle changes you can make which will reduce your risk.  No one wants to lose their memories as their age, so learn how you can protect your brain.

Responsible Computer Use After Retirement - Safety and Netiquette - If you are retired, are you spending your days sending out annoying emails to everyone on your contact list?  Do you put yourself at risk by failing to protect your privacy?  Learn how to use your computer responsibly, save your friendships, and protect yourself.

Dementia and Alzheimers Disease - Shocking Research from UCI - MIND - Based on a 2019 speech by the chairman of the University of California in Irvine's MIND program, this post goes into detail on the latest research on a wide range of topics related to dementia, including the status of their attempts to find a treatment, the financial impact on families, and the toll it takes on caregivers.  Since nearly every family with older members could eventually be impacted by this heartbreaking disease, this article could prove helpful to many people.

Disclosure: This blog may contain affiliate links. If you decide to make a purchase from an Amazon ad, I'll make a small commission at no extra cost to you.  

If you are interested in learning more about financial planning for retirement, where to retire, Social Security, Medicare, common medical issues as you age, and more, use the tabs or pull down menu at the top of the page to find links to hundreds of additional helpful articles.

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Photo credit:  Affordable Care Act Website 

Save Money with Free Stuff - 10 Ideas to Help You Out

We all enjoy getting a freebie once in a while.  It is a great way to enjoy our lives while making our money go further. In some cases, getting something for free can even improve our health and the quality of our lives.  Whether we look forward to free stuff simply for entertainment, or whether we seek these benefits in order to maintain our health, there is sure to be something in the list below which will benefit you.

Check out these items and add your own ideas in the comments section.  Then, send this list to anyone you know who might benefit from some free stuff, too!

Free shopping at farmers' markets:  As of 2019, if you are a single person with an income under $23,000, or you live in a two-person household with an income under $31,000 (which applies to many retired couples), you can get free coupons from the federal government which can be used at authorized farm stands and farmers' markets.   Many young couples and retirees qualify for these benefits.  You can get the coupons by logging onto fns.usda.gov.  Click on Programs at the top of the page; then select Senior Farmers' Market Nutrition Program from the drop-down menu.  While taking advantage of the farmers' market, don't forget to also contact your local food bank for additional food to help you have a balanced diet.  (If you qualify for the farmers' market coupons, you might also talk to the Social Security office or your local Social Services office to see what other programs you may qualify for, such as SNAP food stamps, SSI, or housing vouchers).

Free rewards at franchises:  A number of franchises will give you free treats when you sign up for their rewards program.  You can earn credits towards beverages at Starbucks and other special offers at places like Baskin-Robbins or Golden Spoon.  If you patronize these places anyway, you might as well take advantage of any freebies they offer.

Free Meals for Youngsters in the Family  - Whenever you want to take your children or grandchildren out to eat, you can find a list of places where kids eat free with a paying adult at WalletHacks.com/kids-eat-free.  They have a list of over 100 places, including Carrows, Holiday Inn (while you are staying there), IHOP, Steak 'n Shake, and more.  Some restrictions apply, and many places only have the deal on certain nights of the week.  While you are at it, if you are eligible, never forget to ask for the senior discount when you are eating out.  Many restaurants offer it, but only if you ask.

Free Cancer Screenings - If you are like many people who are not old enough yet for Medicare, you may not have good health insurance.  The National Breast and Cervical Cancer Early Detection Program offers low income and under-insured women free screenings for breast and cervical cancer.  To find out if you qualify or to locate a provider, go to cdc.gov/cancer.  Then, click on National Programs.

Free Dental Care - Sadly, at this time most Medicare plans and other private insurance plans do not cover dental care.  Some plans may offer a discount, but treatments can still be quite expensive.  If you cannot afford the care you need, go to DentalLifeline.org.  They have a network of dentists who offer donated dental care for the elderly, disabled, medically fragile and other people who cannot afford dental care. The eligibility requirements vary by state.

Free Home Weatherization - Are high utility bills preventing you from being comfortable in your own home?  If you receive SSI or have a low income, you may qualify for the Department of Energy's Weatherization Assistance Program which will cover the cost of making your home more energy efficient.  Eligibility varies by state, but if your utility bills are getting you down, see if you qualify at Benefits.gov/benefit/580.  Being able to run your heat and stay comfortable in the winter can be life saving.

Free Credit Monitoring - With identity theft occurring constantly, it is highly likely that almost everyone has had their identity stolen at some point in the past few years.  Credit card companies, insurance companies, department stores and Facebook have all been hacked, and the personal information of hundreds of millions of people has been stolen.  There are several free sites which will monitor your credit score at no cost and let you know if anything changes.  Check out sites like WalletHub.com, CreditSesame.com and CreditKarma.com.  I personally use Credit Karma, and have been very pleased with their service.

Free Legal Services - We all need legal advice from time to time, including people who have questions about their Social Security and Medicare.  If you have legal questions, but do not feel you can afford an attorney, click on ElderCare.acl.gov to locate legal aid in your area.

Free Repair Coaching for small appliances - Do you have a lamp or small appliance that has stopped working, and you really can't afford to replace it?  About once a month, Repair Cafe holds free events to teach you how to fix your own things.  You can find out if there is an event near you at RepairCafe.org/en/visit.  If you can't find an event near you, then go to Fixya.com to get advice from experts on how to fix all kinds of things.  Don't forget to look up YouTube videos, too. Our daughter has learned how to replace the headlights on her car and make other small repairs by watching YouTube. You could save yourself a lot of money by doing a little research.  

All kinds of free stuff - Twice a year, my community has a free goods exchange.  You can bring whatever you want to donate to this exchange and, for five hours, you can take away all the items you would like to have.  Anything left over at the end of the day is hauled off by Goodwill.  My grandkids have gone to the exchange and found little gifts to give their friends, nick-knacks for their rooms, books, CDs, DVDs, and even a couple of jackets. I have often seen electronic equipment, small items of furniture, small appliances, dishes, and more.  It's perfect if you have a young adult in your family who is setting up their first apartment.  If you want to find a similar free goods exchange in your area, go to Freecycle.org.

Finally, if you want to find even more free stuff, you may want to get the book, "How to Get Free Stuff: The Ultimate Guide for Getting Good Things for Free."  (Ad) This paperback book will help you take advantage of even more opportunities.   This is a great way to find free gifts for yourself and others, too!

The bottom line is that you should look for free services and items in your community.  There may be local websites which allow people to list things they are giving away online.  You may be able to pick up free books from a special bin at your neighborhood library, or your local senior center may give away free day-old bakery goods.  Keep your eyes open for ways to make your dollars stretch.

Disclosure: This blog may contain affiliate links. If you decide to make a purchase from an Amazon ad, I'll make a small commission at no extra cost to you.  

If you are interested in learning more about financial planning for retirement, where to retire, Social Security, Medicare, common medical issues as you age, and more, use the tabs or pull down menu at the top of the page to find links to hundreds of additional helpful articles.

You are reading from the article:  http://www.baby-boomer-retirement.com

Photo credit:  Pixabay