Solo aging refers to older people who live alone without the traditional support network of a spouse, children, or close family members.
According to an April 2023 article in AARP Research, most older Americans living alone are largely content and embrace the freedom of being a “solo ager.” But they have concerns that I hear frequently: losing their independence, ill health, running out of money, and not being able to stay in their home. And they worry about who will help them when the time comes.
The Financial Power of Attorney is valuable in naming someone to assist you if you become incapacitated. Often, a person will name their spouse or one or more of their adult children. But when there is no family or family is not an option, the question is who should be named.
Here is what I suggest:
- Friend or Business Associate: Select a trusted friend or business associate as your financial agent. Look for someone trustworthy and organized.
- Professionals You Know: Evaluate any known professionals who might serve as your agent. Explore relationships with professionals you may already know and trust, such as bankers, attorneys, and trust companies.
- Referrals: If the professionals you know cannot take on the role, seek referrals from people you know for banks, trust companies, or elder law attorneys.
- Professional Guardian/Fiduciary: If no one else exists, you can consider a professional guardian that your local court approves. Such professionals will often serve under a power of attorney. Even if a person is on a court-approved list, you must check them out carefully. There are stringent licensing requirements to be a professional guardian in Nevada, and there is only one licensed professional guardian in the state. They will serve as agent.
Choose someone you trust and who knows money. For solo agers, do not put off getting your estate plan in place even if no one comes to mind who should be your agent. It is essential to put together a plan. According to the U.S. Department of Health and Human Services, adults 65 and older have a 70% chance of needing some care. Without a power of attorney and if you become incapacitated, it could mean a costly guardianship with someone you did not choose. Please contact us, and we can assist you in this process.