Estate Planning for Seniors and Near Seniors

A recent Caring.com and YouGov study of 2,400 Americans revealed a surprising trend: since 2019, the percentage of Americans aged 55 and older with a will has dropped from 60% to just 44%. Even more striking, younger adults are now 63% more likely to have a will than before the pandemic.

Despite the increased urgency brought on by COVID-19, the overall prevalence of estate planning—especially among seniors—remains low. Two out of three Americans lack even the most basic estate planning documents, including wills, advanced healthcare directives, and trusts.

Why Seniors Delay Estate Planning

The study identified four common reasons seniors and near-seniors avoid estate planning:

• Procrastination: More than 35% admit they simply haven’t gotten around to it.
• Perceived Lack of Assets: Another 35% believe they don’t have enough to leave behind.
• Uncertainty: Many don’t know how to create a will or get started.
• Cost Concerns: Some assume the process is too expensive.

Unfortunately, these delays can leave families unprepared, forcing courts to decide what happens to assets and leaving loved ones with unnecessary stress and expenses.

Why Now Is the Time to Act

Since the pandemic, many law offices—including ours—have pivoted to virtual meetings and even verified e-signatures. This means estate planning can now be faster, easier, and more affordable than ever.

While it can be uncomfortable to think about mortality, completing your plan offers peace of mind—not just for you but for your family. Your loved ones will appreciate knowing your wishes are documented and that the legal groundwork is already in place.

The Three Core Estate Planning Documents

When creating an estate plan, you’ll typically need three main documents:

1. Wills

A will is the cornerstone of most estate plans. It:

• Names a personal representative (executor) to manage your estate
• Outlines property division, debt repayment, and tax obligations
• Appoints guardians for minor children

For some people, a will is all that’s required. However, those with significant assets or family complexities may benefit from additional tools like trusts.

Without a will, you are considered to have died “intestate,” meaning state law will dictate how your assets are divided. This process can take months, cost 3–8% of your estate in probate fees, and create unnecessary hardship for your family.

2. Advanced Healthcare Directives

An advanced directive outlines your medical care wishes if you become unable to communicate. It also allows you to:

• Designate a medical power of attorney to make decisions for you
• State your preferences for life support, resuscitation, and other critical care choices

Shockingly, 18% of Americans don’t know what an advanced directive is. This document spares your loved ones from having to make difficult medical decisions without guidance.

3. Trusts

A living trust can provide added control and privacy for those with larger estates or special circumstances.

• You place property in the trust and name a successor trustee to manage it
• Most living trusts are revocable during your lifetime, allowing updates as circumstances change
• Trusts avoid probate, can reduce estate taxes, and keep your affairs private

Estate Planning Made Simple

Thanks to video conferencing and updated legal processes, you can now:

• Meet with your attorney virtually
• Sign and store documents securely online
• Create a plan from the comfort of your home

Breaking the process into manageable steps and discussing your wishes with your loved ones can make it less overwhelming—and more empowering.

Take the First Step

Estate planning is one of the most important gifts you can give your family. It provides clarity, reduces conflict, and ensures your wishes are honored.

📞 Call us at (207) 848-5600 or visit our [Contact Page] to schedule an appointment. Let us help you create a plan that protects your loved ones and your legacy.