10 Questions and Answers: Why an Older Adult Needs an Estate Plan

The week of October 20-26 is Estate Planning Awareness Week.   At Choice Connections, we certainly witness challenges when children are trying to help a parent. Often this is due to a lack of planning.

If you are an older adult, I hope this article helps simplify what Estate Planning is.

If you are a child with older parents, hopefully you can encourage your loved ones to do some planning, and this may help.

1. What is an Estate Plan?

An estate plan is a set of legal documents and instructions that outline how you want your assets, health care and personal wishes managed if you become incapacitated or after you pass away.

2. Why Do Older Adults Especially Need an Estate Plan?

As we age, health concerns and life changes become more likely.  An estate plan ensures your wishes are carried out, reduces stress for your family and protects your financial and personal well-being.

3. What happens if I don’t have an estate plan?

Without one, state laws decide who inherits your property, and a court may decide who manages your care or finances if you’re incapacitated. This can lead to family conflict, delays, and added expense.

4. Does an estate plan only matter if I have a lot of wealth?

No. Estate planning isn’t just about money. It covers who makes health decisions for you, who handles your bills, and how sentimental items or small assets are passed on. Everyone benefits from having one.

5. How does estate planning help my family?

It gives your loved one’s clarity and guidance, reducing arguments and confusion. It also helps avoid unnecessary legal costs, court involvement, and emotional stress during difficult times.

6. What documents are usually included in an estate plan?

Common documents include:

• A will (who gets your assets)
• A power of attorney (who manages your finances if you can’t)
• A health care directive/living will (medical decisions and wishes)
• Possibly a trust (to manage and protect assets efficiently)

7. When should I create or update my estate plan?

The best time is now. Plans should also be reviewed after major life changes—retirement, marriage, divorce, loss of a spouse, changes in health, or the birth of grandchildren.

8. How does an estate plan protect my health care wishes?

By creating a health care directive or living will, you can specify the kind of care you want (or don’t want). This ensures your voice is heard, even if you can’t speak for yourself.

9. What about long-term care or nursing home costs?

Estate planning can include strategies to protect assets, plan for Medicaid eligibility, and make sure resources are used wisely to cover future care needs.

10. Do I need professional help to make an estate plan?

While some documents can be created online, working with an attorney or financial advisor ensures your plan meets state laws, is thorough, and truly reflects your wishes.

Need an Estate Planning Attorney?

Our team at Choice Connections is aware of many Estate Planning and Elder Law Attorneys.  If you’d like a recommendation please reach out.   We’d be happy to recommend an option in your area whether you are in Minnetonka, Woodbury, New Brighton or Lakeville.