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Bay Area Estate And Tax Planning Law Firm
Estate Planning
Trust Administration and probate

A few thoughts, considerations regarding the “elder orphan”

| Jun 5, 2018 | Uncategorized |

Estate administration is a legal realm marked by a prominent irony, namely this: high numbers of people insisting that they cannot be benefited by a tailored estate plan who actually have a dire need to think about and execute relevant planning documents.

Take the so-called “elder orphan,” for example, a euphemism for a relatively older American who lacks both a spouse and children. It is certainly no rarity for a person within that demographic to argue that he or she cannot possibly benefit from estate planning. After all, there’s no one to worry about, right?

Well, that’s obviously wrong, of course. A person with no family connections can obviously have some special concerns, especially as advanced age approaches. We note in an article on our estate planning website at the Alameda County Law Offices of Connie Yi that, “Elder orphans face unique challenges.”

End-of-life considerations loom large, of course, with potentially outsized health and financial implications featuring for an individual who cannot readily rely upon a partner and/or children to provide ready assistance.

Timely and candid consultation with a proven lawyer can provide clarity and peace of mind regarding such matters. A living will can be created that fully addresses health issues and names a health care proxy to make important decisions if incapacity becomes an issue. Similarly, a durable power of attorney can designate a party or entity to act in the financial realm, which can guard against exploitation and ensure that money-linked wishes and goals are carried out.

Indeed, elder orphans have some distinct challenges. Those are coupled, though, with an opportunity to timely and fully address key issues via tailored and protective estate planning.

An experienced estate planning attorney always welcomes the opportunity to speak with would-be planners and help them secure important goals and peace of mind through sound estate administration.

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