Estate Planning for Peace of Mind: What Seniors Need to Know

Planning for the future can feel overwhelming, but it doesn’t have to be. As seniors enter retirement or transition into a senior living community, now is the time to look at planning for the next phase of life. According to Caring.com, 45% of people over the age of 55 have a will, which is one important part of estate planning.

Estate planning isn't just for the wealthy — it’s a critical process for anyone who wants to ensure their wishes are followed, their loved ones are cared for, and their legacy is preserved. Recently, attorney Jessica M. Wojtowicz Heston talked with seniors from Lutheran Home in Arlington Heights (INSERT COMMUNITY NAME) and outlined key steps seniors — and those planning ahead — can take to put an effective estate plan in place.

What Is Estate Planning, Really?

Your “estate” includes everything from your home and life insurance to your personal values and legacy. It’s not just about money. At its heart, estate planning allows you to control your assets while you’re alive and well, make provisions for yourself and your loved ones in case of disability, and ensure your belongings go where you want after your passing — in the way and at the time you choose.

Common Approaches — and Their Pitfalls

Too often, people assume a simple will or joint ownership of property is enough. But according to Wojtowicz Heston, these strategies can fall short:

• Doing Nothing: Without any plan, your estate will go through probate, a costly and time-consuming court process. Worse, state law — not your wishes — decides who gets what.
• Joint Tenancy: This may sound convenient, but it can result in unintended heirs or tax consequences. Plus, it doesn’t avoid probate after the second death.
• Beneficiary Designations: Naming someone on a life insurance policy or IRA is easy, but offers no protection for minor or vulnerable beneficiaries and no oversight.
• Wills Alone: A will only goes into effect after you die, offers no protection if you become incapacitated, and still requires probate.

Why Trusts Work

For most people, the most effective approach is a fully funded living trust. Consider a fully funded trust like your packed suitcase — ready to go when you need it, protecting your legacy every step of the way, Wojtowicz Heston explains. A trust allows:

• Clear instructions for disability or incapacity
• Streamlined asset distribution, skipping probate
• Flexibility to amend as your needs change
• Planning for children, pets, remarriage, and charitable giving
• Protection from creditors and predators

Paired with healthcare directives, powers of attorney, and a pour-over will, a comprehensive plan ensures that your wishes are respected — whether you're healthy, disabled, or gone.

Getting Started: What You Can Do Today

Wojtowicz Heston emphasizes a simple three-step action plan:

1. Review What You Have: Gather your current documents — wills, deeds, insurance policies, etc.
2. Seek Competent Legal Counsel: Estate laws vary by state and can be complex.
3. Plan: A thoughtful, customized plan can reduce stress, legal costs, and family conflict.

"We were honored to welcome Jessica Wojtowicz, M. Heston, to all four of our communities, including Lutheran Home. Her insights into estate planning gave attendees valuable guidance and reflect our commitment to supporting seniors as they plan for the future," said Jennifer Darnell, Vice President of Marketing, Lutheran Life Communities.

By offering informative sessions like these, Lutheran Life Communities is helping older adults and their families make informed decisions, ensuring they are not only prepared for the future but confident in it.

Recently, estate planning expert Jessica M. Wojtowicz Heston, Esq., licensed to practice in Illinois, Michigan, and Nebraska, shared invaluable insights with seniors and their families at Lutheran Home, offering guidance on securing their futures and leaving a lasting legacy.