Age 65 is a big milestone for a lot of people. For some, it’s when they decide to retire from their careers. And it is also when you are generally first eligible to enroll in Medicare coverage.
Even if you are not planning to retire at 65, it’s important to make sure you have started estate planning by then. Trust & Will says that 44% of baby boomers have a will in place, compared to only 26% of Gen Xers and 22% of millennials. But that means some older Americans may be behind on estate planning.
If you’re new to estate planning, you may not be sure where or how to begin. With that in mind, here are three essential estate planning tasks everyone should do prior to turning 65.
1. Update your will or trust
Some people use a will to pass assets along to their heirs. Other people prefer to use a living trust. There are pros and cons to each, and an estate planning attorney can help you decide which one is most appropriate for you.
If you’ve already created a will or trust, it’s important to make sure it is updated. This especially holds true if it has been a long time since you first put it in place.
Not only should you update your will or trust to account for assets you may have acquired, but you should also make updates to your heirs as necessary. For example, you may want to account for events that include:
- Marriage
- Divorce
- The birth of family members
You should actually make a point to review your will or trust yearly to make necessary updates.
2. Consider a long-term care insurance policy
It’s easy to assume that you will never end up needing long-term care in your lifetime. In reality, it is a very common thing to need. And you cannot count on your loved ones being able to provide care.
You may end up needing a home health aide to assist you with daily living tasks. Or if aging in your home is not feasible, you may eventually need to move to an assisted living facility or nursing home. The costs there, though, can be extremely expensive.
And you cannot count on Medicare to pick up the tab for long-term care. Medicare will generally only pay for care that is medically necessary due to an injury or illness. But long-term care does not tend to fall under that umbrella.
That’s why it is so important to consider long-term care insurance before you get too old or sick to qualify. In fact, the most optimal time to apply for long-term care insurance is during your 50s. But that does not mean that it’s too late to apply when you’re in your 60s. You may end up with higher premiums. But that way, you should have a means of defraying some of your costs if you end up needing long-term care.
Having long-term care insurance could also help protect the inheritance you want to leave to your loved ones. Without it, or other planning strategies, you risk having to spend your assets to cover your care.
3. Make a list of accounts and instructions for your loved ones
When a person passes away, their loved ones are often left hurting for a long time. You do not want your loved ones to also have to scramble to figure out the financial details of your estate.
That’s why it is so important to make a list of your accounts and leave instructions behind for your loved ones before turning 65. This way, they will have an organized list to refer to instead of having to hunt down accounts.
Here are some of the items you should make a point to include in your comprehensive list:
- Bank accounts like savings, checking, and CDs
- Retirement accounts like IRAs and 401(k) plans
- Pension details
- Life insurance policy details
- Home-related documents, including your loan agreement (if your home has a mortgage), deed, title, and homeowners insurance policy
- Vehicle-related documents, including your loan details (if your car is being financed), insurance details, and title
- Outstanding debts, like loans or credit card balances
- Estate planning documents, including a will or living trust
The more details you are able to provide to your loved ones, the better.
You should also leave instructions behind for your loved ones on how to maintain certain assets, like your home or car. You could include a list of utility providers and trusted contractors you use or have contracts with.
It’s important to have a solid estate plan in place, and Levine, Furman & Rubin, LLC can help. We’re here to help you create an estate plan that covers all of your needs. Give us a call at 732-238-6000 or contact us online to connect with one of our estate planning lawyers and get the peace of mind you deserve.
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