Estate planning is the process of creating an official plan for your medical care, financial assets, and personal wishes in the event of incapacitation or death, often with guidance from a professional advisor. Planning for your estate while you are still healthy helps ensure your wishes are honored if you are ever in a situation where you can no longer speak for yourself or make decisions independently. 

An important part of estate planning involves establishing advance directives that outline your healthcare preferences, including the kind of medical treatment you do or don’t want, your wishes for comfort and end-of-life care, and who you want to make medical decisions on your behalf. Planning ahead also helps determine how your financial assets will be managed and distributed and who will handle important financial decisions if you are unable to do so. 

Many professionals may recommend considering the following key documents to help protect you, your wishes, and your loved ones: 

• Last Will and Testament 
• Revocable Living Trust 
• Durable Power of Attorney 
• Healthcare Power of Attorney 
• Living Will 
• HIPAA Authorization 
• Beneficiary Designations 
• Letter of Intent 
• Business Succession Documents 

When Is It Time to Start Estate Planning?     

Many experts recommend that anyone over the age of 18 have an estate plan in place. AARP says it best: “Creating an estate plan just means making sure that your health, finances, and anything you own is handled according to your wishes. In this case, a simple plan is better than no plan!” 

As we age, we acquire more assets, such as homes and investments, and experience major life milestones, like opening businesses and starting families. Protecting ourselves and our loved ones becomes that much more important during these times. 

In our eMeetinghouse blog, “Advanced Planning for the Retirement Years”,  we take a closer look at essential planning documents, including wills, advance directives, and powers of attorney, and explain how they can help protect your wishes and prepare you for the future. 

Without a will, state laws may determine how to divide your assets after your passing. Similarly, without healthcare advance directives in place, medical decisions may fall to someone you would not have chosen to make those decisions on your behalf. These outcomes may not align with your personal wishes, making it important to establish your preferences ahead of time. 

The best time to make plans for your future is while you are still healthy and able to make important decisions for yourself.

Resources to Help You Plan for Your Future 

Whether you are planning for your estate and retirement years for the first time or reevaluating a plan you put into place many years ago, it’s important to make sure it still fits your needs today. Consulting with a professional, such as an estate planning attorney or financial advisor, can help you understand your options and make informed decisions about your future. 

We also recommend requesting one of our free Aging in Place Kits, which includes a copy of the Five Wishes workbook. Five Wishes is a living will and advance directive that allows you to express your personal, emotional, and spiritual needs, as well as your medical wishes, if you are no longer able to speak for yourself. 

This interactive workbook has helped many people and their loved ones start important conversations about how they would want to be treated if they became seriously ill or could no longer communicate their wishes. By discussing and documenting these preferences ahead of time, you can help your loved ones better understand what matters most to you, so they have guidance when making difficult decisions on your behalf.

Five Wishes is an easy starting point for anyone who wants to better understand their healthcare choices and take an important step toward planning for the future. 

[Request your FREE Aging in Place Kit, including the Five Wishes workbook, here.]

We also encourage Friends Life Care members who want to reevaluate their estate plans to consult with their Wellness and Care Coordinator for recommendations and guidance on connecting with appropriate professionals.