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Estate planning is important for solo agers

On Behalf of | Aug 15, 2019 | Estate Tax

There is no question that the American population is aging. An ever-growing number of baby boomers enter retirement in California every day. In many families, children will take the lead on caring for, or finding care for aging parents. This can include making sure that estate planning documents are in order and up to date. What about the number of people who are aging but don’t have children, known as solo agers?

People who are growing older and do not have children to assist in making decisions should consider taking proactive measures on their own to help ease the transition to a safe and secure retirement. Part of that involves building a strong community and support group that may include friends and relatives. A recent study showed that having a strong community can contribute to an older person’s health and sense of well-being.

In addition, one may want to consider making contingency plans for one’s later life. This can take the form of designating a power of attorney who can oversee one’s financial affairs in the event that one becomes physically or mentally incapacitated. A living will or health care directive can also be a useful tool in ensuring that one’s end-of-life wishes are respected. While it can be difficult to know who to trust with such important decisions, California is a state that allows for licensed fiduciaries who can be entrusted with administering financial affairs after being granted power of attorney.

It is often said that the only two certainties in life are death and taxes. Estate planning can address both of these issues. While it can be difficult to consider one’s own mortality, creating an estate plan and preparing for unforeseen eventualities can allow one to enjoy retirement in California knowing that the eventualities have been provided for.


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