Anyone browsing the available information on estate planning may notice that much of it is devoted towards married people, or those with children and grandchildren. For single people, especially single retirees who are not parents, you may sometimes feel as if you’ve been left out of estate planning materials. While it’s true that many of these materials don’t spend a lot of time focusing on you, there are some particular issues you will want to pay special attention to as you make your own plan.
As a single retiree gets older he or she may, just like anyone else, require additional help and support. When you don’t have a spouse or close family members to rely on, finding a good source of support is often difficult. This is why it’s especially important for single retirees to approach estate planning earlier than their married counterparts. If you suddenly need the help and cannot find it, this will be far more difficult than if you had planned ahead.
Power of Attorney
Estate plans often incorporate various types of powers of attorney. Through a power of attorney you get to choose someone else who can act as your representative and make decisions on your behalf. If you are single and don’t have children or other close family members, you will need to choose another representative whom you can rely upon. This can be anyone you like, including a close friend, distant family member, or even a professional advisor.