Out Of The Baby Boomer Generation Comes An Influx Of Solo Seniors

According to the U.S. Census Bureau, back in 2010, the oldest baby boomer had not turned 65. Yet, since the 2010 census, about 10,000 baby boomers a day have turned 65 years of age. By 2030 all boomers will be at least age 65.

As a generation that has broken through previous barriers posed by sex, race, marital status and more, many in this group of trend setters embraced lifestyles outside the norm. As a result, millions who chose not to marry and have families will be what is referred to as “solo seniors.”

The estate planning complexity for a solo senior is that they often have no living family or friends that can serve as a legal agent for them should they become unable to make important health and legal decisions.

Of course, there will also be solo seniors who outlive their family and friends. Boomers are breaking the age barrier and outliving previous generations too!

Solo Seniors Should Seek The Services Of A Professional Fiduciary

No matter how one arrives at being defined as a solo senior, it’s important to make estate planning decisions while you are healthy and able. For instance, who will handle financial and health care decisions during life if you are unable to make such decisions. Clarifying how you wish to be cared for if you become incapacitated or unable to communicate and having someone to carry out those wishes will provide a sense of comfort. As the solo senior does not have friends or family to serve as an agent, trustee no executor, the finding and working with a reputable fiduciary is imperative. While it may not be an easy task, it is one that should not be put off.

I have included a link to an article written by a woman who is a solo senior. She outlines the steps she took and the fears she had as she went about finding a fiduciary. I recommend it as a must-read for every solo senior. The author includes all the questions she asked when interviewing fiduciaries. She does not live in Georgia, but all the information provided is applicable no matter where you live. Give it a read: https://www.nextavenue.org/solo-agers-find-a-fiduciary/

If you are a solo senior looking for a fiduciary to work with, give our offices a call.

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!

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