Whether you’re reaching retirement age, or are already enjoying retired life, it’s never too late to think about the future. That’s why estate planning at 70 is just as crucial as ever. By planning ahead for end-of-life care, you can avoid spending your final days in hospice or palliative care and protect your family from the financial burden often associated with the costs of care.
Time Isn’t Running Out
Planning your end-of-life wishes is an opportunity to take charge of your future with confidence. You’ve got plenty of life left to enjoy, and by taking control of your healthcare decisions now, you ensure that your future reflects your true wishes. Here’s how to get started:
- Gather Information for Decision-Making
Talk with your doctor, family, close friends, and other trustworthy advisors about your healthcare wishes, questions, and concerns. Understanding your options and discussing your preferences is the first step to establishing that your wishes are respected. - Prepare Your Advance Health Care Directive
An advance health care directive should address important aspects like palliative care, pain management, and hospice care. It’s your way of clearly stating your wishes for the care you want to receive. - Estate Planning at 70 years old
Developing an estate and financial plan can prevent surprises and protect your assets over the long term. Although it can be difficult to predict future needs, it’s beneficial to explore financial assistance through your health insurance, disability insurance, and Medicare. It’s also important to consider your wishes for funeral arrangements. - Keep Information Safe and Accessible
The best plans are useless if they can’t be found when needed. That’s why copies of your advance health care directive and estate plan should be kept in a safe and accessible place. Make sure you inform your doctor, lawyer, executor, or beneficiaries where these documents are located.
Advance Health Care Directives
An advance health care directive, also known as a living will or medical directive, is a legal document that outlines a person’s preferences regarding medical treatment and care in case they become unable to make decisions due to illness or incapacity. This document typically includes instructions about life-sustaining treatments, resuscitation, organ donation, and other medical interventions.
An advance health care directive can also designate a healthcare proxy or agent, someone who is authorized to make medical decisions on the person’s behalf if they are unable to do so. This guarantees an individual’s wishes are respected and followed, even if they cannot communicate them directly.
The first step in creating a directive is to consult your doctor about your end-of-life healthcare options. There are also many organizations that provide valuable information to help you make informed decisions. Next:
Our Philosophy
Our Philosophy
Estate planning goes beyond money, and includes intellectual, spiritual and human wealth.
- Important Discussions
Have conversations with your family, doctor, and others who are close to you. Consider:
○ What health situations do you anticipate occurring?
○ What balance do you want between the length of life and quality of life?
○ Are there specific medical treatments you want or do not want?
○ Where would you prefer to pass away—in a nursing home, hospital, or at home?
○ What are your preferences for palliative care and hospice care?
○ Are there other specific wishes you want your loved ones and healthcare team to know about? - Designate Proxies
Decide who should oversee your healthcare choices if you are unable to do so. This person can be a spouse, relative, or other trusted individual. Make sure they understand your healthcare preferences and are willing to carry out your wishes. It’s also wise to designate alternate agents in case your primary choice is unable to act. - Prepare Your Advance Health Care Directive
You have a legal right to express your healthcare wishes and have them honored if you are unable to make decisions yourself. While state law requires certain provisions in your directive, you can customize your directive to fit your preferences. - Inform Key People
Make sure to notify your doctor, family, and close friends about your end-of-life preferences. Keep a copy of your signed advance health care directive in a safe and accessible place. Provide copies to the following:
○ Your proxies and any alternative proxies
○ Your doctor and other healthcare providers
○ The healthcare institution responsible for your care
○ Your emergency contacts
Adding Investments to Your Estate Planning
As you plan for your estate and end-of-life care, consider how your investments can play a role in securing your financial legacy. Effectively managed investments can help guard your estate so it remains intact and can provide ongoing support to your loved ones. It’s also important to work with a financial advisor to review your investment portfolio, assess your risk tolerance, and align your investment strategy with your estate planning goals. This will not only protect your assets but also make certain they are distributed according to your wishes.
But You Should Call Today
Whether you’re focusing on healthcare decisions or broader financial strategies, working with an estate planning attorney in San Diego can provide the guidance you need. At Hatley Law Group, we specialize in helping clients navigate the complexities of estate planning at 60 and beyond, offering personalized solutions for asset protection and peace of mind. Get started with us today and look forward to the years ahead with confidence knowing that your legacy is secure.
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