AGING SOLO? BUILD A TEAM!
Many of my senior clients live alone – some never married, some are widowed or divorced, and many of my clients never had children or their children are deceased or estranged. With no family member to rely on, they need someone trustworthy to pay bills and make critical decisions if they become ill.
Here are a few suggestions:
- Think creatively when selecting someone who can manage your affairs. It might be a cousin or niece or nephew, or maybe a trusted financial or legal advisor.
- Try to select a health care agent who lives nearby or who can easily travel to you if you are ill. If not family, perhaps a close friend or clergy would be willing to help.
- Simplify your financial life by consolidating your assets. This makes management easier for you or anyone who takes over.
- Consult with an attorney about a Living Trust and Durable Power of Attorney. If you do not have a family member or close friend to serve as trustee or agent, talk to your attorney about a financial institution or other professional. You can name co-trustees, say, a financial institution and a relative or friend, and require them to act together.
What’s most important is – have a plan. Failure to plan is planning to fail.
Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more.
This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.