Understanding the Essentials of Social Security Survivor Benefits

June 4, 2025

It took nearly two years for one woman to obtain her Social Security survivor benefits, despite her three decades of working in a county District Attorney’s office and knowing how to navigate government systems. Ironically, the very same systems created to help widows and widowers during a time of grief end up adding to their stress, says a recent article from Next Avenue, “’What I Learned About Survivor Benefits After My Husband Died.’” Perhaps the most essential way to prevent problems is to take care of any possible snags while your spouse or partner is still living. This starts with understanding the essentials of survivor benefits for Social Security, pensions, or annuities. It also includes reviewing the names of account beneficiaries.

Three facts to bear in mind:

When a spouse dies, the surviving spouse does not receive two benefits. They receive one Social Security benefit, usually the higher of the two amounts. Planning for the loss of one of the two checks is essential.
Survivor benefits are based on two things. First, the spouses’ age when they pass, and second, the surviving spouse’s age when claiming surviving benefits. Those already collecting benefits can switch to the higher of the two benefits.
Even if the decedent spouse hadn’t filed for Social Security at their death, the survivors’ benefit amount is based on the amount the decedent would have received at their Full Retirement age (FRA). If the spouse were older than the FRA when they died, their benefit amount would be adjusted for those years.

The widow wasn’t expecting two checks, and she knew she was entitled to 100% of her spouse’s benefit because she had been married for at least nine months and didn’t remarry before turning 60. She also had claimed her survivor benefit after reaching at least FRA for survivor benefits, which has a different set of rules than regular FRA. The FRA is 66 and 4 months for survivor benefits if born in 1958. It’s 66 and 6 months for those born in 1959 and rises to age 67 for those born in 1962 or later.

She knew her husband’s benefits were higher than hers, but didn’t know how much higher. This one detail was the missing fact, causing her benefits to be tied up for more than 18 months. She needed to provide endless verifications, identification, and other documents to get it figured out.

Here’s what you need to know to avoid or at least minimize the stress of collecting survivor benefits:

Report the death of a spouse to Social Security as soon as possible.
Have an original death certificate.
Your own and your spouse’s Social Security numbers
Your birth certificate
A marriage certificate if you’re a surviving spouse.
Divorce papers if you’re applying as a surviving divorced spouse.
SSNs for any dependent children and their birth certificates
The most recent W-2 Wage and Tax statement or the latest federal self-employment tax returns.
The name of your bank and account number for direct deposits.

Planning for survivor benefits should be included as you go through the estate planning process. Your estate planning attorney will have helpful tips to ensure both spouses understand the essentials of survivor benefits for Social Security, so you are well protected and prepared for one of life’s hardest events. If you would like to learn more about social security and estate planning, please visit our previous posts.

Reference: Next Avenue (May 7, 2025) “’What I Learned About Survivor Benefits After My Husband Died’”

Including Siblings in Estate Planning for a Child with Special Needs

May 22, 2025

When parents plan for the future of a child with special needs, they often focus on legal and financial tools, like special needs trusts and government benefits. However, one crucial group is usually left out of the conversation: the siblings. Siblings may one day step into caregiving or advocacy roles, formally or informally. They may be expected to help manage a trust, ensure their brother or sister receives appropriate care, or provide emotional support. Including siblings in the estate planning process for a child with special needs creates a foundation for smoother transitions, reduces misunderstandings and gives everyone a clearer sense of their role.

Why Siblings Matter in Long-Term Planning

Siblings are likely to be the longest-standing relationships in a person’s life. As parents age or pass away, brothers or sisters often remain. Even when a sibling won’t serve as a primary caregiver or trustee, they will likely be involved in day-to-day support, communication with care providers, or an emotional anchor.

Nevertheless, siblings are often unaware of their parents’ intentions. They may not understand the purpose of a special needs trust or how decisions will be made after the parents are no longer involved. This lack of clarity can lead to confusion, resentment, or even legal conflict, particularly if siblings are also beneficiaries of the estate.

Opening the Conversation

Including siblings starts with honest communication. Parents should share the basics of their estate plan, explain how decisions have been made and invite questions or concerns. Topics may include:

Who will serve as the trustee or successor trustee of a special needs trust
How resources will be allocated among siblings
What expectations (if any) exist for caregiving or advocacy
How government benefits are being protected through legal planning

This conversation doesn’t need to happen all at once. Instead, family discussions can gradually unfold as siblings mature and understand each other’s needs. The key is ensuring that they feel informed and supported, not burdened.

Legal and Financial Education for Siblings of Special Needs Children

Parents should also ensure that siblings have access to the legal and financial information they may need someday for the family or the child with special needs. This may include providing copies of estate planning documents, explaining the function of the special needs trust, or walking them through how public benefits, like Medicaid or SSI, are affected by financial support.

Naming a sibling as a future trustee, power of attorney, or healthcare proxy without adequate preparation sets them up for stress and potential failure. Parents should consider naming a professional fiduciary or co-trustee to provide support if a sibling is unwilling or unable to serve in these roles.

Creating a Team Approach in Special Needs Planning

Planning doesn’t have to fall on one person’s shoulders. Families often succeed by creating a “care team” approach that includes parents, siblings, professionals and close family friends. Roles can be shared or divided—for example, one sibling might handle legal decisions while another provides social support.

Clear documentation of these roles within estate planning documents and written letters of intent helps ensure consistency if multiple people are involved in the care or oversight of a sibling with special needs.

Strengthening Family Bonds Through Inclusion

Including siblings in the estate planning process for a child with special needs isn’t just a practical decision—it’s an emotional one. It signals trust, values their role and lays the groundwork for cooperation. It also honors the future relationship between siblings, ensuring that love and respect continue even after the parents are gone.

Planning with siblings in mind helps prevent conflict, confusion and unintended consequences. Most importantly, it ensures that people with special needs receive the lifelong support they deserve. If you would like to learn more about special needs planning, please visit our previous posts.

Reference: MassMutual (July 19, 2023) “Living with special needs: The sibling perspective”

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Care for Your Pets After You Pass with a Pet Trust

May 1, 2025

Media mogul Oprah Winfrey has a trust fund for her dogs, as revealed in 2007 by a source to an Australian women’s magazine. How much she left to her beloved animal companions is thought to be in the millions, according to a recent article from Pets Radar, “Oprah’s dogs will inherit a $30 million fortune—here’s why.” However, you don’t need to be a billionaire to want to care for your pets after you pass using a pet trust.

A pet trust is a legally binding contract used to specify money to care for a pet in case of incapacity or death of the human owner. The trust is funded to care for the animal’s life and should include specific instructions for how the pet will be cared for. An experienced estate planning attorney can create a pet trust to comply with your state’s laws.

When creating a pet trust, consider how much money will be needed to pay for the pet’s care, considering the type of pet, their age, life expectancy and whether they have or might have health issues in the future. If you own multiple pets, the pet trust must address all their needs.

The funds are used to cover veterinary bills, food, grooming, housing and compensation, if needed, for a caretaker. The trust will also need to include a contingency provision in case the primary caregiver becomes incapacitated or can’t care for the pets and someone else needs to step into the role.

The pet trust should also include plans for what happens when the pet dies. Do you want them to be cremated or buried, and what do you want to happen to any remaining funds in the trust? The people who love their pets enough to create a pet trust often decide to leave any remaining funds in the trust to a local animal shelter.

A common question in creating a pet trust is this: should the same person who is taking care of the pets also oversee the assets in the trust? The trustee oversees the assets and pays the caretaker. The problem is, if the caretaker doesn’t use the funds to care for the pet as you’ve outlined in the trust, who will monitor the money or the care of the pet? Many people prefer to have two different people involved, just in case.

Can you simply ask an adult child to take care of your beloved pet if you become sick or if you die before the pet? In theory, the answer is yes. However, your adult child or anyone you ask to care for your pet is under no legal obligation, unless you’ve created a pet trust and they’ve agreed to take on the role of either caretaker or trustee or both.

If you don’t have someone to care for your pet, check with your local animal shelter. No-kill shelters often have arrangements where a fee or donation is used to ensure lifetime pet care for a companion animal.

Your estate planning attorney will know how to create a pet trust to care for your pets after you pass, providing you with the peace of mind knowing they won’t end up in a shelter or living on the streets. If you would like to learn more about pet trusts, please visit our previous posts.

Reference: Pets Radar (April 4, 2025) “Oprah’s dogs will inherit a $30 million fortune—here’s why”

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Removing a Trustee Due to Incapacity

April 21, 2025

A trustee is responsible for managing and distributing assets according to the terms of a trust. However, when a trustee becomes mentally or physically incapacitated, they may no longer be able to fulfill their legal and fiduciary responsibilities. In such cases, the beneficiaries or co-trustees may need to take steps to remove the incapacitated trustee and appoint a capable replacement. Removing a trustee due to incapacity is a sensitive legal matter. It requires careful planning and adherence to the terms of the trust.

Understanding the process and potential challenges can help protect the trust and ensure that assets continue to be appropriately managed.

Identifying Signs of Trustee Incapacity

A trustee’s incapacity is typically related to cognitive decline, physical illness, or other conditions that prevent them from effectively managing the trust. Common signs that a trustee may no longer be fit to serve include:

Forgetting important financial obligations or failing to distribute assets as required
Making poor financial decisions that jeopardize the value of the trust
Neglecting record-keeping responsibilities, leading to missing or inaccurate financial reports
Becoming unresponsive to beneficiaries or failing to communicate about trust matters
Receiving medical diagnoses, such as dementia or severe physical impairments, that prevent them from fulfilling their duties

Incapacity can be gradual or sudden, so it is crucial to monitor the trustee’s ability to manage the trust effectively and act when necessary.

Reviewing the Trust Document for Removal Provisions

Most well-drafted trusts include guidelines for removing a trustee in the event of incapacity. These provisions often specify:

Who has the authority to remove a trustee (e.g., beneficiaries, co-trustees, or a trust protector)
What evidence is required to prove incapacity, such as a physician’s certification or court determination
The process for appointing a successor trustee to take over management responsibilities

If the trust document clearly outlines removal procedures, the process can be relatively straightforward. However, if the document does not specify incapacity procedures, court intervention may be required.

Seeking Medical and Legal Evidence of Incapacity

In cases where a trustee’s incapacity is disputed, gathering medical and legal evidence is necessary. This often includes:

Medical documentation from a licensed physician stating that the trustee is no longer capable of making financial decisions
Statements from beneficiaries or co-trustees detailing instances of mismanagement or neglect
Court petitions, if necessary, to legally establish the trustee’s incapacity and authorize their removal

Having clear documentation can prevent unnecessary legal disputes and ensure a smooth transition of trustee responsibilities.

Initiating the Removal Process

If the trust document provides a process for removal, the first step is to follow the outlined procedures. This may involve notifying the incapacitated trustee, obtaining required medical opinions and formally naming a successor trustee.

If no removal process is specified in the trust, the beneficiaries or co-trustees may need to file a petition in probate court to request judicial intervention. The court will review medical evidence, evaluate the trustee’s condition, and determine whether removal is in the best interest of the trust and its beneficiaries.

Appointing a Successor Trustee

After the incapacitated trustee is removed, a new trustee must be appointed to manage the trust. The trust document typically designates a successor trustee. However, if no successor is named, the beneficiaries or the court may need to appoint one.

Choosing a responsible and qualified individual or corporate trustee ensures that the trust remains properly managed and continues to serve its intended purpose.

Preventing Future Issues with Trustee Incapacity

Removing a trustee due to incapacity is never easy. To avoid future complications, it is essential to include clear incapacity provisions in a trust. These provisions should outline who has the authority to remove a trustee, what documentation is required and the process for appointing a successor.

Families can also consider appointing co-trustees or a trust protector who can step in if the primary trustee becomes incapacitated. Taking these steps ensures that the trust remains in capable hands and that assets are protected for beneficiaries. If you would like to learn more about the role of the trustee in estate planning, please visit our previous posts.

Reference: ACTEC Foundation (January 2024) “Practical Considerations in Dealing with Incapacity”

Photo by Andrea Piacquadio

Legal Planning is Important for the Sandwich Generation

November 20, 2024

Adults of the sandwich generation find themselves responsible for both their children and their aging parents, an increasingly common situation with struggling youth and a growing elderly population. As someone ages and faces growing health issues, caregivers face increasing workloads, stress and burnout. Legal planning is important for the sandwich generation to reduce uncertainty and make future challenges easier.

The sandwich generation often faces a tricky balancing act. People born in the 1940s and 1950s live longer. However, many are experiencing more health issues than previous generations. According to research from University College London and Oxford University, today’s older adults are more likely to suffer from multiple health problems, such as diabetes or obesity, which complicate their care needs.

At the same time, parents today face new demands from their children, including issues like mental health challenges and children staying in the family home longer due to financial reasons. Caring for both generations can feel like an overwhelming responsibility.

Without proper planning, the emotional and financial costs of caring for aging parents can be enormous. One solution is to work with an elder law attorney to create legal documents and plans that provide peace of mind. These legal plans may include:

Powers of attorney: Ensuring someone can make financial and medical decisions if your parent or loved one cannot.
Health care directives: Ensure that your loved one’s wishes for medical care are respected.
Guardianship and conservatorship: Appointing a trusted person to care for someone who can no longer decide for themselves.

Legal planning ensures that your parents are protected and helps avoid family disputes about who will care for them and how their finances will be managed.

Legal issues can arise unexpectedly for many families if no planning is in place. A lack of legal documents can lead to disputes, confusion and expensive court battles over care. Without proper planning, adult children may end up shouldering the financial burden of their parent’s care and their children’s needs.

Some sandwich generation members face a situation where they care for their children, aging parents and grandparents. This “club sandwich” generation is responsible for four generations, which increases the pressure and makes planning even more critical.

It’s never too early to start planning. Waiting until a health crisis strikes can limit your options. Early planning gives you time to consider your loved one’s future care needs carefully and ensures that their wishes are followed. An elder law attorney can guide you through essential decisions before emergencies, helping you avoid unnecessary stress and financial strain.

An elder law attorney can assist you in making decisions regarding your parents’ long-term care and financial well-being. They can create a customized plan that meets your family’s unique needs, ensuring that everything is in place before significant life changes occur. With the guidance of an attorney, you can focus on spending time with your loved ones instead of worrying about legal and financial details.

Key Takeaways:

Protect your parents’ wishes: Ensure that healthcare and financial decisions align with your loved ones’ preferences.
Avoid family conflict: Legal planning helps prevent disputes over caregiving responsibilities and financial matters.
Plan for health crises: Preparing in advance provides peace of mind and reduces stress during emergencies.
Secure legal authority: Powers of attorney and healthcare directives ensure that trusted individuals can act on your behalf.
Ease financial burdens: Careful planning helps manage care costs and prevents unexpected financial strain on your family.

Are you feeling overwhelmed by caring for both your parents and your children? Legal planning for the sandwich generation is important because it can help you regain control and bring peace of mind. If you would like to learn more about planning for caregivers, please visit our previous posts.

Reference: The Guardian (Oct. 13, 2024) “Guilt, Worry, Resentment: How the ‘Club Sandwich’ Generation Juggles Caring for Parents, Children and Grandparents”

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Proactive Legal Strategies for Cognitive Decline

November 13, 2024

Cognitive decline is a concern many of us may face as we age. However, it’s something to face head-on. Planning for this possibility is not about expecting the worst but being prepared. Whether you or a loved one are already experiencing early signs of cognitive decline or want to be proactive, an elder law attorney can help protect your future. There are some proactive legal strategies for cognitive decline.

According to Assured Assisted Living, the best time to start planning for cognitive decline is before it happens. Working with an elder law attorney can create a legal framework that safeguards your wishes, even if you face cognitive impairment later in life. Above all, the two critical legal tools to leverage are powers of attorney and advance healthcare directives.

One of the most essential legal documents is a durable power of attorney. This document allows you to appoint someone you trust to handle your financial and legal affairs if you cannot do so. Choosing this person ahead of time can prevent court intervention and ensure that your finances remain secure.

In addition to financial matters, it’s important to consider your healthcare decisions in an emergency. By using an advance healthcare directive, you can outline your wishes if you ever become incapacitated. Just because you can’t speak for yourself doesn’t mean you have to lose agency in your care.

Managing day-to-day tasks, such as paying bills or understanding complex legal documents, can become problematic as cognitive decline progresses. For some, the decline may occur gradually, giving time to plan and adjust. For others, it may be more sudden. With a plan in place, your family could avoid the stress of navigating the court system to gain control over your finances or healthcare.

Proactively creating legal protections protects yourself from potential complications, allowing your loved ones to act quickly and efficiently when needed.

If you suspect that you or a loved one may be experiencing cognitive decline, it’s essential to seek medical advice early. As discussed in a recent reflection from an attorney facing cognitive impairment, many health conditions, such as vitamin deficiencies or sleep disorders, can mimic symptoms of cognitive decline. Addressing these issues early can slow or even reverse specific symptoms. If your cognitive decline is more advanced, early diagnosis allows for more effective legal planning.

Building a support team to help manage legal and healthcare issues is essential when planning for cognitive decline. An elder law attorney can assist in preparing the necessary documents to ensure that trusted individuals can step in to manage your affairs, if needed. Having a reliable primary care physician and specialists, such as neurologists or geriatricians, can also help identify health-related concerns early.

Establishing proactive legal strategies for cognitive decline is also about protecting your family. Your family could face emotional and financial strain without the proper legal documents. Legal battles over guardianship, medical decisions, or asset management can be stressful and time-consuming. By acting now, you can help avoid these challenges and ensure that your family is cared for in a way that reflects your wishes.

The future is unpredictable, but your legal plans don’t have to be. Whether you’re already noticing early signs of cognitive decline or want to be proactive, now is the time to meet with an elder law attorney. If you would like to learn more about managing incapacity, please visit our previous posts.

Reference: AssuredAssistedLiving (Sep. 20, 2024) “Legal and Financial Planning and Cognitive Impairment”

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Proper Estate Planning can Protect Couples with Big Age Gaps

October 30, 2024

A decade-sized age gap doesn’t seem like much when you are 38 and he’s 57. However, as you get older, the age difference can lead to challenges, including those concerning estate planning and long-term care. Proper estate planning can protect couples with big age gaps. There needs to be enough resources for the surviving spouse if the older spouse passes first, which isn’t always the case. According to a recent article, “Estate Planning for May—December Couples,” from Next Avenue, finances, wills and estate plans must consider the age difference.

The U.S. Census Bureau reports the average age gap in traditional marriages as 3.69 years. However, in some Western countries, about 8% of all traditional couples have an age gap of 10 years or more.

One couple had a nearly 20-year age gap when they sat down with an advisor. The husband had three grown children from a prior marriage and didn’t want to put his second wife’s financial security in jeopardy if he should die first. His will needed to be drafted so she would inherit the home outright, while also providing his three children with an equal share of remaining assets after a certain period.

Naming someone who is not also a beneficiary to be the executor of your estate may be especially helpful here. Someone who isn’t going to benefit from an inheritance may be more objective about how assets are distributed. During their years of practice with families of all types, experienced estate planning attorneys see all kinds of family situations, including couples in subsequent marriages with large age gaps. They can help navigate the best way for wealth to be distributed to protect both the younger spouse and any children from prior marriages.

A few essential tasks:

Review and update beneficiary designations on accounts like life insurance, retirement accounts and other assets.

Be clear in conversations about your intentions for personal property and document your wishes in your will. Family disputes over heirlooms, regardless of their value, can happen if you haven’t put those wishes in writing.

If the older spouse dies and the young one remarries, it’s possible the new spouse could inherit the older spouse’s assets unless good estate planning is done. The older spouse may consider leaving assets in a marital trust designed to benefit the surviving spouse. This way, the surviving spouse has access to funds as needed. However, upon the surviving spouse’s death, the assets go to the older spouse’s other beneficiaries.

Couples should always have a Power of Attorney, Health Care Power of Attorney and Living Wills created when working with an estate planning attorney. The medical power of attorney allows another person to make medical decisions in case of incapacity. A Living Will outlines what treatments you do or don’t want if you are terminally ill or injured. These documents vary by state and, just like your will, should be personalized to reflect your wishes. An estate planning attorney will show you how proper estate planning that can protect couples with big age gaps. If you would like to learn more about planning for couples, please visit our previous posts.

Reference: Next Avenue (Sep. 5, 2024) “Estate Planning for May—December Couples”

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Grandparents Raising Grandchildren need Specialized Estate Planning

October 28, 2024

Grandparents raising grandchildren need specialized estate planning. Navigating these issues can feel overwhelming. A skilled lawyer can help you understand your estate planning options and secure your grandchild’s future.

According to AARP, grandparents responsible for their grandchildren must often establish a legal relationship to care for them fully. Without this, you may face difficulties enrolling them in school, getting medical care, or making important decisions on their behalf. Here are the primary options to consider:

Guardianship: This legal arrangement allows grandparents to decide about their grandchildren’s health, education and welfare. However, it is important to note that guardianship doesn’t always sever legal parenthood and may leave the biological parents with some authority.
Grandparent Power of Attorney: A power of attorney (POA) for grandparents is much more flexible than guardianship. This makes it suitable as a temporary solution. It confers the power to make decisions, such as enrolling a child in school or seeking medical treatment.
Adoption: Adoption is the most permanent option, since it legally transfers all parental rights to the grandparents. Once completed, all legal rights to the child transfer from the biological parents to you.

Each of these legal tools comes with specific responsibilities and levels of authority. Therefore, it’s crucial to consult with an estate planning attorney to choose the best path for your family.

In some states, consent laws allow you to enroll a child in school or access medical care without a formal legal relationship. These laws allow caregivers to sign an affidavit confirming they are the primary caregiver, which may be enough to get the child’s medical services or educational enrollment. However, these laws vary by state, so you must check the rules in your area or consult an attorney.

Many grandparents worry about the financial burden of raising grandchildren, especially without formal legal arrangements. Public benefits are fortunately available for children that don’t require grandparents to have custody or guardianship. Programs such as Social Security benefits, child support, or foster care payments can help ease the financial strain. Your income may sometimes not even be counted when determining the child’s eligibility for assistance.

An article from the Chillicothe Gazette discusses an interview with Southeastern Ohio Legal Services attorney Sierra Cooper, where she covered adoption by grandparents. Among other topics, Sierra discussed how the power of attorney or caretaker authorization could provide a quicker route to gaining legal rights.

Sierra also discussed guardianship and adoption as complex but more permanent options. While the process can be challenging, legal tools are available to provide simple, short-term answers as well as enduring solutions.

Estate planning goes beyond simply caring for your grandchild while you’re alive. A solid estate plan will make all the difference if something happens to you. You can outline a guardian and backup guardian to take over raising them or establish a trust to manage their inheritance.

Grandparents may also want to consider durable powers of attorney and advance healthcare directives for themselves. These documents outline your wishes in case of an emergency.

If you are a grandparent raising grandchildren. or anticipate that you may need to take on this role, it’s essential to have specialized estate planning in place. By acting now, you can protect your grandchildren’s future and ensure that they have the support they need. If you would like to learn more about planning for grandparents, please visit our previous posts.

References: AARP (Aug. 11, 2011) “Raising Grandkids: Legal Issues” and Chillicothe Gazette (Oct. 8, 2018) “Need to help care for grandchildren? Here’s some legal tips”

Photo by Andrea Piacquadio

Estate Planning When You’re Single

October 24, 2024

Estate planning when you’re single can be daunting when there is no one to assist you. For one woman, the wake-up call arrived when listening to a friend explain all the tasks she needed to perform for her 91-year-old mother, whose needs were increasing rapidly. Solo agers, people who are growing older without spouses, adult children, or other family members, are now a significant part of the older population, says the article “Going Solo: How to Plan for Retirement When You’re on Your Own” from The New York Times.

Seniors who are married or have adult children have many of the same retirement planning issues as their solo ager counterparts. However, figuring out the answers requires different solutions. Managing future healthcare issues, where to live and how to ensure that retirement savings lasts needs a different approach.

Options must be addressed sooner rather than later. Estate planning is a core part of the plan. While you can’t plan everything, you can anticipate and prepare for certain events.

Determining who you can count on in a healthcare crisis and to handle your financial and legal issues is key. This is challenging when no obvious answers exist. However, it should not be avoided. You’ll need an estate plan with advance directives to convey your wishes for medical treatment and end-of-life care.

An estate planning attorney will help draw up a Power of Attorney, so someone of your choice can step in to make legal and financial issues if you become incapacitated. You’ll also want a Healthcare Proxy to name a person who can make medical decisions on your behalf if you can’t communicate your wishes. While it’s comfortable to name a trusted friend, what would happen if they aren’t able to serve? A younger person you know and trust is a better choice for this role.

A Last Will and Testament is needed to establish your wishes for distributing property. Your will is also used to name an executor who administers the will. Think about people you trust who are a generation or two younger than you, like a niece or nephew or the adult child of someone you know well. You’ll need to talk with them about taking on this role; don’t spring it on them after you’ve passed. Just because someone is named an executor doesn’t mean they have to accept the role.

Where you age matters. From safety and socialization standpoints, aging alone in a single-family home may not be the best option. Having a strong network of friends is important for the solo ager. Moving to a planned community with various support systems may be better than aging in place. Explore other housing options while you are still able to live on your own, so you can make an informed choice if and when the time comes for community living.

Estate planning when you’re single doesn’t have to be a headache. A combination of professional help will make the solo aging journey better. An experienced estate planning attorney, financial advisor and health insurance source can help you navigate the legal and business side of your life. Check with your town’s senior center for available social services and activities resources. If you would like to learn more about planning as a single person, please visit our previous posts.

Reference: The New York Times (Sept. 21, 2024) “Going Solo: How to Plan for Retirement When You’re on Your Own”

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Gen Zers Need Estate Planning

October 23, 2024

Gen Zers need estate planning. They may still be young, ages 17–27. However, this doesn’t mean some don’t have ownership and assets to protect with estate planning. Medical emergencies and car accidents happen to people of all ages. An estate plan protects the person as much as their property. The sooner you have a plan in place, says a recent article from yahoo! finance, “Why Gen Z Should Be Thinking About Estate Planning,” the better.

For many young adults, estate planning is like buying rental insurance. You don’t expect to deal with a fire or have your home broken into. However, having insurance means if such events happen, your possessions will be insured, and you’ll be made whole.

Gen Zers who are signed up for employee benefits like 401(k)s or retirement plans already have assets to be passed to another person if they should die young. These accounts typically feature beneficiary designations, so they should be sure to have those completed properly. Many Gen Zers name their parents or siblings as their beneficiaries at this point in their lives. The future may bring new relationships, marriage and children, so they must update these beneficiaries throughout life.

While practically everyone using a cell phone or computer has digital assets, Gen Zers are likely to have more digital currency and crypto in digital wallets. They may have intellectual property on platforms, including TikTok or YouTube. These assets need to be protected in a digital estate plan. The information required to access these accounts should not be in a last will and testament. However, they should be documented so the assets are not lost.

Other digital assets don’t have any value. Users don’t have the right to transfer the assets, like social media accounts or music files. Having a conversation with a digitally savvy person about these assets and providing them with login and account information is an integral part of an estate plan.

Gen Zers do need a will. Without a will, the estate will get tangled up in probate, a court process where the laws of your state determine who inherits any possessions. This takes time and court fees can add up quickly.

Having a will created with an experienced estate planning attorney encourages a review of assets, providing a perspective of finances that one might not otherwise have early in their career.

Estate planning also includes planning who will make medical and financial decisions in case of incapacity. These documents, including a Power of Attorney, Healthcare Proxy, Living Will and other documents, are state-specific. Once someone becomes a legal adult, neither parents nor siblings can be involved with medical care or handle finances, unless these documents are created and executed. Trusted friends can also take on these roles.

Gen Zers need estate planning. They should make an appointment with a local estate planning attorney. They’ll provide guidance through the process. Regardless of age and stage, having a plan creates peace of mind for young adults and their family members. If you would like to learn more about planning for young adults, please visit our previous posts.

Reference: yahoo! finance (Sept. 17, 2024) “Why Gen Z Should Be Thinking About Estate Planning”

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Category: Dementia

Care for Your Pets After You Pass with a Pet Trust

Removing a Trustee Due to Incapacity

Legal Planning is Important for the Sandwich Generation

Proactive Legal Strategies for Cognitive Decline

Proper Estate Planning can Protect Couples with Big Age Gaps

Grandparents Raising Grandchildren need Specialized Estate Planning

Gen Zers Need Estate Planning

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