In the realm of estate planning, single seniors have unique considerations that set them apart from their coupled or familial counterparts. Being single, senior, and childless means addressing specific challenges to secure your future. Here’s what you need to know.
Why Singles Need Special Attention
The absence of a spouse or immediate family members in the decision-making process makes estate planning not only necessary but also more complex for single seniors.
Choose Your Representatives Wisely
A foundational element for single seniors is to appoint an individual or entity who can act as an agent in a durable power of attorney for finances in the event of your incapacity. And if you have a living trust, you can name a disability trustee who would manage the trust if necessary.
Advance Directives: Make Your Wishes Known
A living will is an advance directive for healthcare that will serve to articulate your preferences for end-of-life care. For decision-making that is not related to life-support utilization, you can add a healthcare proxy or durable power of attorney for healthcare.
The final piece of the incapacity planning puzzle is a HIPAA release. This will give your healthcare representative the legal right to access your medical records.
Explore Future Housing Options
Being proactive about your living situation as you age can save a lot of stress down the line. Without immediate family to assist, single seniors might find community living or assisted living facilities more appropriate.
Asset Allocation: No Family, No Problem
Without immediate family to consider, single seniors have a variety of options for asset distribution. Testamentary trusts can be set up within a will to manage the assets for minors or vulnerable adults, while a revocable living trust can offer more immediate control over your assets.
Long-Term Care: Plan Ahead
Single seniors must think about the cost of long-term care without the financial cushion that a partner might provide. Research your options when you are devising a plan for aging.
Digital Assets: Don’t Overlook Them
Remember that digital assets, like online bank accounts and social media profiles, need to be included in your estate plan. Assign someone you trust to manage these in case of your incapacity or death.
Professional Help: Non-Negotiable
The complexities of estate planning as a single senior make it imperative to consult with an attorney who can guide you through the process and help you tailor your plan to your specific circumstances. By visiting our site, you are taking the first step.
For single seniors, the need for estate planning cannot be overstated. From who will make decisions for you to how your assets will be distributed, each choice carries weight. A carefully crafted estate plan will not only give you peace of mind but also ensure that your wishes are honored in every possible scenario.
Attend a Free Event!
We conduct learning events on an ongoing basis that you can attend to gain a more thorough understanding of this important process. The sessions are free, but we ask that you register in advance so we can reserve your spot.
Plus, if you’re looking for more convenience, we have recorded one of our learning events, and it is available to our visitors on-demand. You can see the dates for the live events and access the on-demand webinar if you visit this page: Los Angeles, CA estate planning events.
Need Help Now?
If you’re ready to take the ultimate step to put your plan in place, our doors are open. You can schedule a consultation at our Inglewood, CA estate planning office if you give us a call at 310-677-9787, and you can use our contact form to send us a message.