If you don’t have a spouse, children, or other close family members, estate planning isn’t simply about deciding who inherits your assets. It’s about deciding who will make financial, legal, and medical decisions if you’re no longer able to make them yourself.
That’s the message from Harry Margolis, estate planning attorney and author of “Get Your Ducks in a Row.“
In an interview, Margolis said the growing number of solo agers should begin planning well before a health crisis occurs because the alternative may be allowing a court to choose who manages their affairs.
For many Americans entering retirement alone, the question isn’t whether they need an estate plan. It’s who will carry it out. That decision deserves as much attention as writing a will or naming beneficiaries.
What this means for you
If you’re a solo ager, consider taking these steps before retirement:
- Name trusted people to serve under a durable power of attorney and health care proxy.
- Review whether friends, nieces, nephews or other relatives can serve in fiduciary roles.
- Consider professional trustees if no suitable family members are available.
- Build a personal support network before you need one.
- Start planning in your 60s, rather than waiting until illness or incapacity forces decisions.
Below is a transcript of the interview with Margolis, edited for brevity and clarity.
Who should solo agers choose to manage their affairs?
Bob Powell: When you’re flying solo and planning your estate, who manages your affairs? Who helps create an estate plan if you don’t have a spouse or children?
Harry Margolis: It’s definitely more difficult because you don’t have the obvious people to appoint. Normally, that would be a spouse, assuming you’re getting along and they survive you, or your children.
But many people don’t have those relationships. Even if they once did, circumstances change. A spouse may pass away. Children may die, have disabilities of their own, or become estranged. Anyone can end up as a solo ager.
That makes estate planning more complicated because you don’t have the natural person to appoint under a durable power of attorney, as health care proxy, as trustee of your trust, or as the personal representative named in your will.
So the question becomes: Who do you name instead?
Can friends or extended family fill these roles?
Harry Margolis: Sometimes the answer is friends or extended family members. You may have nieces or nephews who are like surrogate children. They can often serve in these roles.
If you don’t have those relationships, though, it becomes much more difficult.
Finding someone to manage financial and legal affairs is generally easier than finding someone to make health care decisions.
When should professionals become part of the estate plan?
Bob Powell: How do professionals fit into the picture?
Harry Margolis: Lawyers often serve in financial and legal roles if you’re already a client. They may agree to act as attorney-in-fact under a durable power of attorney. They’re also more likely to serve as your personal representative or executor, or as trustee or co-trustee of a trust.
Banks and trust companies also serve as professional trustees, so you can usually establish a solid plan for managing your financial and legal affairs.
One option is to name someone who takes over only if you become incapacitated.
The challenge is that you may not become incapacitated for many years. By then, that person may not know where your assets are or understand your wishes.
That’s one reason it can make sense to appoint a co-trustee while you’re still healthy. Yes, you’ll pay for those services longer, but you’ll also develop a relationship. They’ll become familiar with your finances and understand how you’d like things handled if they ever need to step in.
Why is finding a health care decision-maker more difficult?
Harry Margolis: Health care decisions are much harder.
Most lawyers, banks, and trust companies won’t serve in that role because they’re uncomfortable making medical decisions. It can also require a significant time commitment, especially if someone needs to visit you in the hospital or communicate regularly with physicians.
If you have a trusted friend or more distant relative, that’s often the best choice.
If not, consider creating a support network.
Some people establish informal health care circles where members agree to help one another. Churches and synagogues sometimes organize these types of volunteer groups.
How can villages and senior centers help solo agers?
Harry Margolis: Many communities also have what’s known as a village, modeled after Boston’s Beacon Hill Village.
These organizations connect older adults who help one another in many ways, from organizing exercise classes to recommending home health aides, plumbers, gardeners, and other service providers.
Many villages also help members identify people who may be willing to serve in personal support roles.
If your community doesn’t have a village, consider starting one.
Your local senior center may also know volunteers who are willing to help with these responsibilities.
What happens if a solo ager has no plan?
Bob Powell: I always like to give people an incentive to follow your advice. What’s the worst-case outcome if these documents and procedures aren’t in place?
Harry Margolis: At that point, you’re largely dependent on the system.
Eventually, a state agency or another adult protective services organization may become involved. They could ask a court to appoint a guardian or conservator.
Some states have public guardians funded by the government or nonprofit organizations.
More commonly, though, judges appoint private attorneys they’re familiar with.
Those attorneys may be excellent — or they may not be. They may charge reasonable fees— or they may not.
The biggest issue is that you lose control over who makes decisions on your behalf.
When should solo agers begin estate planning?
Bob Powell: In your practice, you’ve worked with many solo agers. When should someone seek professional help? Is sooner always better?
Harry Margolis: Absolutely.
You never know when you’ll need these documents or the people you’ve appointed.
If you’re getting into your 60s, that’s probably the time to start putting everything in place and, as I like to say, getting your ducks in a row.
Key takeaways
- Solo agers need both legal documents and trusted decision-makers.
- Professional trustees can often manage financial matters, but health care proxies usually require trusted individuals.
- Villages, faith communities, and senior centers may help build a reliable support network.
- Without a plan, courts may appoint a guardian or conservator to make decisions on your behalf.
- Begin putting these documents and relationships in place in your 60s, before a crisis occurs.
