Estate Planning for a Longer Life (and Legacy)
Who wants to live to be 100? That depends on who you ask.
One thing is clear: the odds of reaching that milestone are increasing, along with the length of retirement and the many changes that come with it. Estate planning for a longer life is becoming essential as Americans live well into their 80s, 90s, and beyond. Life expectancy in the U.S. has risen dramatically, and while that’s cause for celebration, it also brings challenges. Retirement, medical, and support systems were not built for such longevity.
In fact, the number of Americans living past 100 has nearly tripled in the past three decades and is expected to quadruple over the next 30 years. This is a reminder to plan wisely for the financial, medical, and legal challenges that come with living longer.
Estate Planning for a Longer Life: What It Really Means
Georgia resident Naomi Whitehead became the oldest living American when she turned 114 in September 2024. Born in 1910, she lived through remarkable changes: two world wars, the Great Depression, civil rights milestones, the moon landing, and the digital age.
Her story reminds us that estate planning for a longer life means preparing for more than financial longevity. It’s about managing new family dynamics, evolving healthcare needs, and the transitions that come with multiple generations under one legacy. Living longer doesn’t always mean living healthier. Chronic conditions like dementia, arthritis, and diabetes can extend the number of years we spend managing illness rather than enjoying independence.
The Link Between Health and Wealth
Your health and your wealth are deeply connected, especially as you age. A longer life means:
- More years of expenses.
- Higher odds of incapacity.
- Greater pressure on retirement and estate plans.
The average 65-year-old couple today can expect to spend more than $680,000 on medical costs in retirement — not including long-term care, which can exceed $100,000 per year. Yet many Americans underestimate or fail to plan for these costs, leaving both their finances and their families vulnerable. Integrating estate planning for a longer life into your financial strategy can help bridge this gap.
Estate Planning in the Age of Longevity
Estate plans, like retirement savings, are often not designed to last as long as we do. Many families either lack an estate plan or haven’t updated theirs in years. But outdated documents can lead to unintended consequences, including:
- Outdated fiduciary appointments (trustees, executors, agents).
- Conflicting or expired beneficiary designations.
- Unintentional disinheritance across multiple generations.
- Gaps in incapacity or end-of-life planning.
Regular reviews and updates are essential to ensure your plan still reflects your wishes, accounts for family changes, and protects your legacy for decades to come. Estate planning for a longer life helps ensure your plan evolves with you.
Planning for the Century Mark (and Beyond)
You may not expect to live to 100 — but planning as if you will is one of the best ways to protect your health, wealth, and family. Consider:
- Healthcare planning: Explore long-term care insurance or life insurance policies with care riders.
- Income longevity: Stress-test your retirement plan to make sure your money will last.
- Incapacity planning: Keep durable powers of attorney and healthcare proxies current.
- Trust-based planning: Trusts can safeguard assets and carry out your wishes beyond your lifetime.
Ongoing reviews: Revisit your estate plan every 3–5 years, or after major life changes.
Let’s Talk About the Long View
Living longer is a gift — but one that requires thoughtful preparation. Whether you need to create your first estate plan or update an existing one, now is the time to make sure your plan can go the distance.
At HWK Law Group, we help clients build comprehensive estate planning for a longer life strategies that account for both today’s needs and tomorrow’s possibilities. Let’s ensure your legacy is protected for the long journey ahead.
Learn more about our services on our Estate Planning page.
