Founding Attorney
Aging independently is rewarding, but it requires thoughtful planning to ensure your future remains secure and fulfilling. Estate planning is especially important for solo agers, as it can address unique concerns and provide a sense of control over your legacy, healthcare, and finances. This guide covers essential estate planning tips for solo seniors who value their independence but want the assurance that their wishes will be honored.
Start with the Basics: Wills and Trusts
Wills and trusts are foundational tools for anyone creating an estate plan and are particularly beneficial for solo agers. Here’s how each can help:
Will
A will outlines how you’d like your assets distributed after you pass away. It also allows you to name an executor—someone you trust to carry out your wishes. If you have specific possessions, financial assets, or even pets, you want to go to certain individuals, a will ensures those intentions are clear.
Trusts
Trusts provide flexibility and privacy. Unlike a will, a trust can keep your estate out of probate, which is the court process for distributing assets. This means faster access to your assets for any beneficiaries and more privacy for your estate. Revocable living trusts are popular for solo agers because they allow you to maintain control during your lifetime while offering clear instructions for your estate after you’re gone.
With these documents in place, you create a solid foundation, ensuring your wishes are legally binding and easily understood.
Plan for Health and Financial Decisions
For solo agers, it’s important to think about who will make critical decisions if you can’t do so yourself. Consider establishing the following:
- Healthcare Proxy–This allows you to designate someone to make medical decisions on your behalf if you’re unable. Choose someone who understands your healthcare preferences, whether that’s a friend, a relative, or a professional you trust.
- Living Will—This document outlines your preferences for end-of-life care. By creating a living will, you’re making sure that your medical treatment aligns with your values and wishes, which can provide clarity to your healthcare proxy if difficult decisions arise.
- Durable Power of Attorney–This gives a trusted person the authority to manage your finances if you become incapacitated. From paying bills to managing investments, the person you select can act on your behalf.
These documents are invaluable for solo agers, providing a voice when you cannot advocate for yourself. Each choice empowers you to stay in control, even in unexpected situations.
Protect Your Independence with Regular Updates
Estate planning is not a one-time task. As your life circumstances change, so should your estate plan. Solo agers often benefit from periodic reviews of their documents to ensure everything aligns with their current situation.
- Update Beneficiaries–Life changes, and so do relationships. Keep beneficiary designations on retirement accounts, life insurance policies, and bank accounts current. This ensures the right people inherit your assets.
- Review Legal Documents–Every few years, review your will, trusts, and power of attorney documents to confirm they reflect your wishes. Also, check that those you’ve named in your plan are still the best choices for your needs.
- Stay Connected with Your Support Network– Building a support network can be crucial for solo agers. Reach out to those in your plan regularly, keeping them informed about any changes in your estate plan. This strengthens your network and ensures your advocates understand your wishes.
Keeping your estate plan updated helps maintain your independence while giving you the flexibility to adjust as needed.
Seek Professional Assistance
When navigating estate planning as a solo agent, professionals can be your greatest allies. While family members often fulfill these roles for others, hiring an attorney, fiduciary, or healthcare advocate offers objectivity and expertise.
An experienced estate planning attorney at Merlino & Gonzales can help create or update your plan, ensuring it meets legal standards and aligns with your goals. Attorneys are especially valuable in helping you create a plan that is resilient and effective.
We regularly collaborate with a respected network of financial advisors, professional guardians, and fiduciaries to help solo agers create well-conceived estate plans tailored to their unique needs and objectives. By working with our multidisciplinary team, you can age independently and confidently, knowing your legacy and well-being are protected.
Take the First Step With Merlino & Gonzales Today
Taking charge of your estate plan as a solo ager may feel challenging, but it’s a step toward preserving your independence and ensuring your wishes are honored. A well-rounded estate plan provides peace of mind, allowing you to focus on enjoying life with the assurance that your future is in good hands. Contact Merlino & Gonzales today to get started.