
Taking Control of What Comes Next
If you’re like many older adults, or the adult child of one, you’ve probably had a thought in the back of your mind: I really need to get my affairs in order. Maybe it comes up after a health scare. Or when a loved one passes away. Or simply when you start thinking about what the next chapter might look like.
And yet, estate planning often gets pushed to the bottom of our priorities list. It can feel overwhelming, full of legal terms and “what-ifs.” But creating a simple, thoughtful estate plan is one of the best gifts you can give your future self and your family.
At Waterstone, we’re not attorneys or financial planners, but we work with older adults and families every day. We understand how complicated and emotional this can feel, so we’re here to offer support, resources, and advice about your next steps for estate planning.
Why Does Estate Planning for Seniors Matter?

Estate planning isn’t just for wealthy families or people with complicated financial situations. It’s for anyone who wants to make sure their voice is heard and their wishes are honored, especially at times when they might not be able to speak up for themselves.
A well-prepared plan helps you:
- Decide who receives your assets and belongings
- Name someone to make medical or financial decisions if needed
- Minimize confusion or conflict among loved ones
- Reduce legal delays or expenses for your family
At its heart, estate planning is about peace of mind; yours and theirs.
Understanding the Basics: What Do These Terms Mean?
The language around estate planning can feel almost deliberately inaccessible. Here’s a quick, clear guide to what the most common terms really mean:
Term | What It Means |
Will | A legal document that says who gets what after you pass away. |
Executor | The person you appoint to carry out the instructions of your will. |
Trust | Lets someone manage certain assets on your behalf, and it may help avoid court (a process called probate) |
Probate | A legal process after death to make sure your will is followed. |
Power of Attorney | Lets someone you trust handle financial or legal matters if you can’t. |
Health Care Proxy | Gives someone the ability to make medical decisions for you if you’re unable to. |
Living Will | Describes your wishes for medical treatment if you’re seriously ill or injured. |
Beneficiary Designation | Names who gets assets like life insurance or retirement funds. |
Revocable Trust | A changeable trust that may help your loved ones avoid court after your passing. |
You may not need to know all of these terms as part of your estate planning, but knowing what they are can help you ask better questions and take meaningful steps. Knowing key terms also helps you avoid the feeling of getting lost along the way.
How It All Comes Together

Let’s imagine how these pieces might fit together:
You create a will that explains how your belongings should be passed on. You name an executor — someone you trust to carry out your wishes. Then, maybe you set up a revocable trust, especially if you want things to move quickly and avoid court delays. Some people use a trust to make sure a loved one is cared for or to control how money is used.
You double-check your beneficiary forms for your insurance or retirement accounts. These forms can override what’s written in your will, so they’re important. You talk to your doctor and family about your medical wishes, then name a health care proxy and write down your preferences in a living will.
Finally, you give someone you trust the power of attorney so they can help with finances if you’re ever unable to. These documents don’t live in silos. They work together to create a plan that reflects your values and your voice.
Special Considerations for Older Adults

If you’re considering moving into retirement or a senior living community like Waterstone, now’s the time to look at how estate planning fits with other long-term plans.
1. Should you use a trust to avoid probate?
Probate can be time-consuming and costly. Many seniors choose to use a revocable trust to help simplify things for their loved ones. A revocable trust can be changed or canceled during your lifetime, while an irrevocable trust generally cannot be altered once it’s set up and offers different tax and asset protection benefits. It’s worth discussing this with a legal advisor to see what makes the most sense for your situation.
2. Do your plans account for long-term care?
If assisted living or memory care may be in your future, estate planning can help protect assets while planning for programs like Medicaid. It’s important to understand how asset transfers can affect eligibility and what timelines to keep in mind.
3. What about taxes?
Most seniors won’t owe federal estate taxes unless their estate exceeds several million dollars. But some states have different rules, and it’s good to know how taxes could impact your heirs.
All of these questions don’t have a one-size-fits-all solution. An elder law specialist or estate planner can give you customized advice unique to your circumstances and wishes.
How Much Does Estate Planning Cost?
The cost of estate planning can vary quite a bit depending on your unique situation. If your finances are relatively simple, you might consider using a basic online will platform. These are digital tools that let you create a legally binding will without the need for a lawyer or physical documents. These DIY options are budget-friendly, but there’s a risk of errors that could create confusion (or legal issues) for your loved ones down the road.
For more personalized guidance, hiring an attorney to prepare your will or trust typically costs a few hundred dollars. If your estate is more complex, working with a professional estate planner can run costs much higher. Yet, for some, it’s a worthwhile investment to ensure everything is done competently and in line with your wishes.
If you would prefer expert help, we’re happy to refer you to respected estate planning professionals who can provide a quote based on your needs.
Your Estate Planning Checklist: Getting Started

You don’t need to do it all in one day. But here’s a gentle guide to help you move forward:
- Take inventory of what you own. Think of homes, bank accounts, insurance, investments, and sentimental and valuable items.
- Write down your wishes. Who should inherit what? Who do you trust to make decisions?
- Talk to your family. Clear conversations now can prevent stress later.
- Choose your decision-makers. Let them know ahead of time and make sure they’re willing.
- Organize your documents. Keep copies where they can be found if needed.
- Ask for help. A good estate attorney can bring clarity. And if you need a recommendation, our Waterstone team is happy to connect you.
Estate Planning for Seniors: How Waterstone Can Support You
Estate planning can feel personal, even emotional. That’s why we create opportunities for learning and support through real conversations. We regularly host educational events with estate and elder law professionals who understand the unique needs of older adults.
Whether you’re a resident, a family member, or just starting to explore your options, we can help guide you to trusted resources. No matter where you are in the process, today is a good day to take the next step.
We’re here to support you with compassion and clarity. Reach out to our team to learn about upcoming seminars on estate planning or ask for general advice on taking the next steps with an estate planner. We’ll help you navigate the process at your own pace, with dignity and care.