May is Older Americans Month, a time to recognize the contributions of older adults in our communities and to reflect on the steps we can take to protect the life we’ve built. We believe estate planning for seniors is a foundational way to protect the life you’ve built.
This year’s theme is “Flip the Script on Aging”—an invitation to challenge outdated stereotypes about growing older. One of the most powerful ways to do that is by creating a clear, thoughtful plan for the future.
Estate planning for seniors isn’t just about “having a Will.” It’s about protecting your autonomy, your family, and your peace of mind—today and in the years to come.
Here are five foundational steps every senior should consider:
-
Establish the Core Documents of Your Plan
A well-rounded estate plan typically begins with three legal documents:
-
- Will (or Trust): A Will outlines how your assets should be distributed after death. A Trust may be appropriate if privacy, asset protection, or probate avoidance is a goal. Trusts also allow for easier management of your estate if you become incapacitated.
- Power of Attorney: This document authorizes someone you trust to handle financial and legal matters on your behalf if you’re unable to do so.
- Advance Medical Directive (or Health Care Directive): This names a person to make medical decisions for you if needed and allows you to share your treatment preferences.
These documents form the backbone of your estate plan. They ensure decisions are made by the people you choose, in line with your values.
-
Consider Whether a Trust Is Right for You
Not everyone needs a Trust—but everyone should ask whether a Trust could benefit them.
Trusts offer several advantages:
-
- Avoiding probate: Assets in a properly funded Trust can transfer without court involvement.
- Streamlining administration: Your family can settle affairs more quickly and privately.
- Managing incapacity: A successor trustee can step in if you become unable to manage your finances.
- Planning for complex family needs: Trusts offer more options for blended families, special needs planning, and asset protection.
Your legal advisor can help you evaluate whether a Trust aligns with your goals.
-
Prepare for Long-Term Care Costs
Planning for long-term care is one of the most overlooked aspects of estate planning.
Roughly 70% of adults over 65 will require some form of long-term care. Costs can add up quickly—especially for assisted living or nursing home care.
Options to consider include:
-
- Private payment: Planning ahead allows you to reserve assets specifically for care.
- Long-term care insurance: May be useful if secured early enough.
- Medicaid: While it can help with nursing home costs, eligibility depends on strict financial criteria. Virginia applies a five-year “lookback period” when evaluating applications.
Early planning can help you preserve assets and reduce stress later. Certain trusts and gifting strategies may help, but they need to be put in place well in advance of a care need.
-
Review and Update Your Beneficiary Designations
Some of your most valuable assets—like retirement accounts and life insurance—pass outside of your Will or Trust. They transfer according to beneficiary designations.
It’s important to:
-
- Ensure your designations reflect your current wishes
- Coordinate them with your overall estate plan
- Update them after major life changes like marriage, divorce, or the birth of a child
This is one of the simplest, most effective steps you can take—and yet it’s often overlooked.
-
Communicate with Your Family
One of the most important steps in estate planning for seniors is also the one most often avoided: talking with your family.
While these conversations can feel uncomfortable, they are invaluable. Clear communication can:
-
- Prevent misunderstandings and future conflict
- Clarify your wishes
- Provide reassurance to your loved ones
You don’t have to share every detail. But letting your family know that you have a plan—and that it reflects your values—goes a long way toward building understanding and trust.
Where to Begin
If you’ve taken some of these steps already, now is a good time to review and update your plan. If you haven’t started yet, the first step is learning what your options are.
Promise Law offers free estate planning workshops—both live and on-demand. These sessions explain the process in plain language and offer a helpful starting point for those new to planning or ready to revisit existing documents.
To register or learn more, visit: promiselaw.com/estate-planning-workshop
You can also call our office at 757-895-7759 to schedule a consultation.
Planning for the future is an act of care—for yourself and for the people who matter most.
