Estate planning is essential for everyone, but as a solo ager, it’s even more important to have a detailed plan for the future. You deserve the peace of mind that your wishes will be respected no matter what happens in life.
While estate planning can be challenging for solo agers, the attorneys at OC Wills and Trusts are here to guide you through each step. From healthcare preferences to asset protection, our Orange County, CA, team will help you create a meticulous legal roadmap that accounts for any situation. If you’re ready to get started, schedule a free consultation today.
Solo Aging and Estate Planning
A solo ager is someone navigating life without a spouse, partner, or child. While living a single life can afford a lot of freedom and independence, the lack of immediate family makes building a solid estate plan particularly important.
Having legal documentation in place will put your mind at ease when it comes to:
- Long-term care
- Healthcare preferences
- Asset distribution
- Financial protection
Though many people neglect estate planning until late in life, putting it off can leave you in undesirable situations, especially as a solo ager. Taking the time to iron out each detail ahead of time will ensure you maintain control over your future and your legacy.
Long-Term Care
Long-term care is one of the biggest considerations when estate planning as a solo ager. Not having any immediate family to make decisions about care in the later stages of life, such as getting support for daily activities or living in a retirement community, means that you will have to create a plan that accounts for your future needs.
Healthcare Preferences
Outlining your healthcare preferences ensures that you will receive medical treatments that align with your wishes, even if you become incapacitated and unable to make decisions on your own. As a solo ager, here are the most valuable healthcare directives to put in place.
Living Will
While many people associate a will with assets, a living will is slightly different. This document outlines how you want your medical treatment to take place should you become terminally ill, unconscious, or otherwise incapacitated. A living will may address situations such as:
- Resuscitation
- Life support
- Palliative care
- Organ donation
Creating a living will can be stressful, but having one will give you invaluable protection throughout your life. At OC Wills and Trusts, we strive to make the process as easy as possible.
Healthcare Proxy
A healthcare proxy works in tandem with a living will. Also known as a durable power of attorney for healthcare, this document assigns an “agent” to make medical decisions on your behalf if you are unable to do so.
For people without a healthcare proxy, those important decisions will fall to the closest family members. As a solo ager, it’s helpful to choose an agent in advance so you know you will receive help from a trusted person who understands and complies with your wishes.
Financial Planning
Many solo agers rely on a single income, so budgeting and financial protection are extremely important. Planning ahead will ensure you have the funds you need later in life and safeguard you from problems that could arise should you suffer from health issues that may interfere with your decision-making.
Assigning a durable power of attorney is one way to create a safety net for your financial future. Similar to a medical proxy, this document assigns a trusted agent to make important decisions about your finances and legal or business affairs if you cannot do so.
A durable power of attorney will outline what responsibilities the agent can take over and create a set of conditions under which the document will go into effect. For example, you can stipulate that a doctor must affirm your mental or medical condition before allowing an agent to take over your finances.
Legacy Planning
Even if you do not have a spouse or children to inherit your belongings, you may know where you want your valuables to go after your lifetime. Close friends, distant relatives, or charities are a few common choices.
Without a will or trust, the state may distribute your assets in accordance with local laws, leading to an outcome that doesn’t necessarily fit your vision. In addition to choosing where you want your assets to go, you can also assign an executor to ensure your wishes are followed.
Our Approach to Estate Planning for Solo Agers
At OC Wills and Trusts, our approach to estate planning for solo agers is guided by compassion, experience, and meticulous attention to detail. Our team of attorneys in Orange County, CA, understands the unique challenges you may be facing, and we’re committed to providing personalized advice through each step.
You can trust that your wishes will be respected throughout and after your lifetime. Schedule a free consultation today and take the first step toward securing your legacy.
