Planning for The Future as a Single Senior

As a single senior enters their retirement years, there’s one statistic that’s often overlooked — the number of those who are growing old alone. It’s been estimated that one of every 11 Americans over the age of 50 is single and childless. That leaves approximately 8 million single senior citizens fending for themselves when it comes to making financial and medical decisions at a time when those decisions are becoming especially important. Your California Estate and Elder Law Attorneys want you to have tools ahead of time so that you remain as protected as possible.

Without a spouse, partner, or adult children around, it can be harder to find someone to help decide when it’s time to consider giving up driving or looking into an assisted living facility. It is easier to miss signs of memory loss or physical difficulties. Senior citizens can be particularly vulnerable when it comes to financial issues such as managing their household budget or being targeted for scams.

One of the most important steps that single seniors need to take while they are legally competent is to ensure they have an established estate plan. It is imperative that you have an Advanced Health Care Directive done since 2004, naming who would make medical decisions for you in the event you could no longer advocate for yourself. You also need a Durable, or Financial, Power of Attorney, naming who can pay your bills and take care of your financial needs in the event of incapacity. You will also need either a will or a trust, depending on your asset level and whether or not you own a home. Come speak with your Estate and Elder Law Attorneys now if you do not have a plan or have not reviewed your plan in the last 3 years.

Single seniors often face some additional challenges when planning for their future. The biggest obstacle is usually deciding who to trust with making important decisions should they become incapacitated. For someone who is married or has children, the choice seems obvious. But for someone who never married or never had children, the decision involves looking to extended family or close friends. However, since people tend to maintain friendships with people close to their own age, those close friends will also be aging and may not be available or capable of making those decisions. If it comes down to choosing a family member such as a sibling or niece or nephew, make sure it’s someone you can trust and has your best interests at heart.

Another major decision that seniors have to make is planning for their living arrangements. It may be impractical to continue living in their current home, as care needs generally increase the older we get. Many times, seniors are resistant to moving out of their homes, however our Estate and Elder Law Attorneys have found that many of our clients end up enjoying assisted living communities. 

The sooner these arrangements can be made, the better. Putting it off because it’s uncomfortable to think or talk about can make things more complicated later down the road. If you are a single senior who needs assistance with creating a plan, we are here to help. Simply contact one of our estate and elder law offices throughout the state of California at 800-244-8814 to schedule a consultation. 

If you have any further questions about estate planning and strategies to shield your wealth, or if you’d like to have your current asset protection plan reviewed to make sure it still meets your needs, please contact us at one of our offices located throughout the state of California 800-244-8814 to set up a consultation.