Daily Money - An Overlooked Part of Estate Planning

October 26, 2021

Just under half of American adults have a will, surveys have shown. While there’s room for improvement, let’s take a moment to celebrate the 46% who got it done. After all, making a will isn’t easy: It requires time, (often) money and thinking about death! If you don’t get around to it, the court will eventually decide how your assets will be split. But you might want something different than what the law specifies. And if you have young children, you definitely want to name a guardian for them instead of letting the court appoint one. One often-overlooked part of the estate planning process is what to do with digital assets like social media accounts — you might not want to leave those to chance. And remember, your will is a living document: update it whenever you have a big life change, like buying another property or getting a divorce.

Best wishes,
 
 
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What are you up to these days?

Work, thankfully back at school this year. I love to travel and scuba dive. I’m looking for something in the financial arena to do in retirement. Possibly back at my district teaching adult education in the finance area, helping them like I do their kids.
 
Fantastic! Any advice you'd like to share for others about preparing for retirement?

No matter what, start early on your OWN retirement, even if you're married. I made the mistake of allowing my husband at the time to max out his 401(k), since he had a company match and I put nothing into mine. Then I divorced, and I got nothing. (California is a community property state, but I got screwed — he had a lawyer who managed to convert it to disability income because he was off work because of a brain tumor. I basically saw maybe $9,000 if I was lucky out of a $50,000+ account, so that was the most unfair divorce.)
 
When I started my 403(b), I regret not listening to my advisor and putting it all into technology. Remember the tech bubble? Then when I wanted to follow his advice and be diversified, I told him to sell what was left of technology. He said no, but I insisted. HUGE mistake when tech came back with a vengeance.  I learned to listen to those smarter than me.
 
Always pay yourself first, not only maxing out your retirement account but also funding an emergency fund of nine months minimum. Only buy when on sale and use every discount possible when shopping online. (hint: extensions such as TopCashBack and Honey). Never buy on impulse, even when you can afford it. Do you really need it?
 
Smart! Please tell me something you’re proud of.

I am most proud of my mom and myself making it through very tough financial times, and raising our kids on our own. This is why I love helping others BEFORE they get into that situation. Paying it forward.
 
No one cares more about your money than you. Know where it goes and what it's doing. Earn while you're sleeping. INVEST!!!

Retirement News From Around The Web

Who Should Get a Covid-19 Booster Shot Right Now?
Here are the latest CDC guidelines. VOX

Can You Afford a Home-Care Worker?
Make sure you're aware of all the funding options, including a lesser-known program called PACE. AARP

Is Stagflation a Serious Market Risk?
A financial advisor thinks not. KIPLINGER

Why the Founder of the Age-Friendly Institute Is Optimistic
Some big trends will favor older workers, he says. NEXT AVENUE

Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

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