Most estate plans focus on what happens to your assets after you die. Far fewer estate plans address an equally important question: how do you want to live if your circumstances change before you die? If you lose your independence before your death, who will help you manage your life?
Episode 3 of Smart Ageing, Smart Estates explores the lifestyle plan, which is a practical companion to legal and financial planning. Hosted by Susan J. Hyatt and Justin de Vries, the episode examines how documenting your wishes today can help families make better decisions tomorrow.
A lifestyle plan records the information your loved ones and decision-makers are most likely to need: healthcare providers, medications, housing preferences, trusted contacts, pet care arrangements, and the values that guide your decisions. Without that information, families are often forced to make major decisions during a crisis with little direction.
The discussion also examines the three issues that drive many family disputes as people age: care, money, and control. A written lifestyle plan cannot eliminate disagreement, but it can keep the individual’s wishes at the centre of the conversation and reduce uncertainty when difficult decisions must be made.
The hosts encourage people to begin this planning in their forties and fifties rather than waiting for a health event or crisis. Like a will or power of attorney, a lifestyle plan should evolve and be reviewed regularly as circumstances change.
Episode 3 of Smart Ageing, Smart Estates is available now on Apple Podcasts and Spotify.
Or, listen here.
