If you are in your senior years, you may be wondering how to make life easier for your adult children when you are no longer there. Forward planning can give you peace of mind that any future stress will be minimized, and that your final wishes will be granted.
With a few simple strategies, you can enjoy your retirement knowing your affairs are in order. Here is a list of the best gifts that seniors can give their adult children.
Even if your children have grown up, a permanent life insurance policy is still something you may like to consider. When you choose a reputable insurance provider, your family will be taken care of. There are different types of life insurance policies to suit your individual needs. At the very least, your plan should cover any funeral expenses and estate taxes.
With the right provider, your survivors will receive assistance and support to make the process of filing a claim easier. Some policies will give you the added benefit of disability coverage, and this can protect you in case of an accidental injury. Also, you can check your provider’s My Plan Manager to see if your funds can also support home renovation efforts. This is beneficial, especially if it will include facilities for disabled people instead of letting your kids shoulder all the expenses.
Consider boosting your policy by including coverage for your children and grandchildren. For a small monthly premium, your loved ones will have ongoing financial security.
There are some things money can’t buy, and your adult children will appreciate you taking the time to share your story. If there are any keepsakes you have been holding onto such as photographs, baby clothes, toys or trophies, you might like to give them to your family.
Consider writing down some of your favorite memories so future generations have a personal account of who you were. For those with cherished family recipes, don’t forget to teach your adult children how to cook up a feast.
Family heirlooms can be sentimental and valuable. If you are looking for a gift for your adult child, why not give them something with meaning? An antique ring, piece of furniture or a vintage car could be the perfect present. Items that you no longer need could be loved by your child.
Remember, you can reduce clutter while giving your family heirlooms to someone who truly appreciates them.
A Legal Will
A legal will is a gift that will benefit your children in the future. Having your wishes on paper will ensure there is no fighting or confusion once you are gone. This is a topic you might like to discuss with your family, as a power of attorney will need to be allocated. Choose a person you can trust to disperse your assets as requested.
Your legal will needs to be signed and should be clear and easy to understand. For those with property and other large assets, a consultation with a lawyer is recommended.
Gifts for Adult Children
Adult children can benefit from both practical and sentimental gifts from their senior parents. You can protect your family in the future with a legal will and life insurance policy; financial and legal cover can reduce stress during difficult times.
If you prefer a gift with meaning, consider sharing family heirlooms and other keepsakes. Don’t forget to share your history with your children and grandchildren, because knowing where they came from can help future generations.