The U.S. Census Bureau reports nearly a third of all seniors live alone—about 14 million—some of whom don’t have children or anyone to care for them if they need help. However, according to a recent article from Forbes, “Essentials for the Solo Ager,” everything is fine until there’s a problem. This is especially true when the solo ager’s friends are all about the same age and in similar situations.
One financial adviser asked an estate planning attorney to contact a client who was 88, living alone, still driving and maintaining her own home. She had an inadequate estate plan done for free by a volunteer at her senior center and needed a Financial Power of Attorney and Health Care Power of Attorney. In addition, her only living relative lived outside of the United States, and the person she relied upon was a 90-year-old, legally blind neighbor. All of this had worked fine for years, but at 88, she was highly vulnerable.
Here are some options for solo agers to consider while planning constructively for the future:
Get Professional Help
Work with an experienced Estate Planning Attorney to prepare your estate plan. Consider naming a professional fiduciary to handle finances in your estate plan. This is a financial professional who is bound to act in your best financial interests. Your Estate Planning Attorney should be able to refer you to several good options.
Medical Advocacy
Healthcare decisions can be a legal and ethical minefield when someone becomes cognitively impaired and unable to make medical decisions. If you are aging alone, you may consider hiring an Aging Life Care Professional to advocate on your behalf with healthcare providers. Some advocates are willing to act as an Agent under a Power of Attorney for Healthcare. Another option would be to appoint a trusted friend who could make decisions based on your written wishes or with council from your Healthcare Advocate.
Put it in Writing
Make your wishes and preferences clear in your estate planning documents, so even someone who does not know you well can follow your specific directions and fulfill your wishes. In addition to a basic Directive to Physicians or Living Will, which spells out your wishes for care if you are in a terminal condition, you may consider more detailed forms such as POLST or resources available through The Conversation Project.
Plan for the Worst – Hope for the Best
Very few older adults can expect to be 100% healthy until they pass away. Most seniors, unfortunately, experience one or more health challenges and need personal care assistance at some point in their lives. If you are aging alone, be realistic about your physical and cognitive health. Identify younger adults who will be able to help you, and then give them the legal tools to do so. If they never need to help you, fantastic, but if they do, you’ll be glad to have their help.
Single adults are independent and self-reliant and take pride in these characteristics. This is great. However, there comes a time when none of us can do it all alone. However, careful planning will keep you safer rather than just hoping for the best.
Meet with an experienced estate planning attorney who will help you plan for your future and protect you from the unexpected.
Reference: Forbes (March 26, 2023) “Essentials for the Solo Ager”
