Many couples are married or unmarried without children, and as they age, some conversations need to be had and preparations to be made. Make good decisions about your home and finance decisions before you start aging too much. Below are preparations you need to take to ensure your health and financial security in your last chapter.
Establish A Trust
The first thing you must do as a couple without children is establish trust in your assets. You must name a beneficiary for the property once you’ve both passed. You have several trusts that you can utilize, including the revocable trust. Establishing a revocable trust gives the grantor (the creator of the trust) the peace of mind that comes with proper estate planning and simplifies the complexity and cost traditionally associated with the estate and probate court after your passing. This should include any accounts you have, property, vehicles, and any other valuable assets that can be passed down. If you and your partner aren’t married, you will need to list them directly in the trust. 5.5 million U.S. couples live together unmarried successfully each year.
Determine Your Healthcare Plans
Once you have your estate planned and squared away, you and your spouse need to check into paying for your healthcare, allowing that trust to cover expenses related to your care. If you want to live out your final chapter in an assisted nursing facility, you can use your trust to pay for these and make sure you have the best care at all times. You should also decide about do not resuscitate (DNR) paperwork. If you are dying and want help, you don’t need to sign this form. However, if you’ve been diagnosed with a fatal disease and don’t want to go through the life-saving process, you need this paperwork signed and on file. About one man in nine will be diagnosed with prostate cancer.
Take Advantage of Educational Opportunities
After getting your assets and health squared away, you can focus on doing something for yourself or your partner. As an aging adult, many universities offer many courses that can be taken at discounted rates, or no tuition charge. Make sure you sign up for something you’ve always wanted to learn about and take a few classes a week to get engaged. You can use this as a great socializing opportunity to meet people of all ages. You can choose from some disciplines on these campuses.
Join Your Local Gym Or Recreational Facility
Staying active is important when it comes to aging, and you want to keep yourself flexible and moving so you get the most out of your last chapter. Take advantage of your local gym or fitness facility and get a membership. Some fitness classes are geared towards folks who are aging and can offer you a variety of different ways to work out. You can also join social leagues like pickleball, which is taking over nationwide recreational departments. This sport encourages exercise, healthy competition, and good socialization.
Consider Downsizing
As an aging couple, you may find that the stairs and large home that you’ve come to know are just too much as you’ve gotten older. The home may come with a lot of maintenance that you aren’t interested in keeping or may not be able to keep up with on a fixed income. Consider downsizing and moving to a home that is one-story and smaller so that you have less space to manage on a regular basis.
If you haven’t started the preparation for aging, and you’re a couple without children, there are a few things you need to get squared away before you move on to your final chapter. You don’t want to get too advanced in age before you take care of this process. Get your health and assets squared away and you’ll be ready to take on the rest of the adventure that your golden years bring you with aging.
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