Consider, it's up to you but consider, that you might get more joy out of gifts while you are alive to watch the recipients benefit from them than you do out of imagining how much they'll benefit from bequests you intend to leave when you die.

That's how my grandpa lived: A life full of fleeting moments now in exchange for shellshock when 65 arrived.

Given the reluctance of our culture to show care and concern for people in general, I'm not too psyched about getting to the end and needing a handout.

Would you rather have a handout or a heavy heart full of regrets?

A valid concern. But estate planning lawyers like to remind people that it's quite possible you will get more love and attention from your relatives in your old age while they are still expecting an inheritance than when they know you have already given it to them. A bit cynical, but relevant to consider.

I sincerely hope that when I'm that old, I'll be above such pettiness.

Sure, if the only good thing you ever give them is money, this may true. But if you are actually good to people, not so much.

There's more benefits you can give than a check and some old junk. Things like enjoying your family while you're still alive, treating them to little things that won't bankrupt you, and appreciating them more directly.

Presume you don't have any heirs, either. (Which is likely: when people are intent on "living frugally", having kids is usually seen as an expense they can't afford.)

The estate typically goes to a charity in that case, pre-selected by the deceased.

When done properly, it can be fairly tax efficient.