Estate planning for solo agers
Older adults who live alone have the freedom that comes with a single life, but those who are the most content have taken the time to prepare for the future, which includes estate planning and planning for legal matters. It is imperative for these "solo agers" to communicate their wishes to their executors after they pass away.
Aging alone is more popular today than ever before. However because solo agers do not have a default caregiver, planning requires intention and a full understanding of the executor role.
The executor is appointed to carry out a deceased person's wishes specified in their will. They manage and protect the estate's financial assets, which is why many name family members, close friends, accountants or lawyers to act as executors.
Many solo agers are not close to family members. Before asking family or friends to fulfill this critical obligation, ask if they have time for the responsibility. It’s important to be clear about what is being asked of them. In all fairness, the roles can be complex and time-consuming. It is not a position to be taken lightly.
Another option is to hire a professional executor. Usually, an estate planning attorney or accountant. These professionals are usually experienced with settling estates and have the processes in place to handle the process efficiently.
No matter who is selected as your executor, communication and prior planning is the key. Your friends and family will be grateful for the work put into your estate plan, so they can focus on celebrating your life and grieving their loss instead. Learn more about solo aging and executor planning here.