who should "elder-orphans" assign as durable power of attorney

As an elder orphan, the most important first step is to create a durable power of attorney and choose an agent to manage your financial, legal and tax affairs if and when you become unable to handle these tasks. Sometimes childless seniors will choose a relative, a niece or nephew, cousin or sibling or a trusted friend for this role.

Full Answer

Why is it important to support elder orphans?

Because elder orphans could be at risk, it’s important for elder orphans to plan for the future as soon as possible and establish all of the necessary paperwork and legal rights to create a support system that works for them.

Where do elder orphans go?

The assets of elder orphans can go to whomever they want in terms of who they establish as their beneficiaries in their will. If an elder orphan doesn’t have an established will, their assets will go to probate court where the state’s laws will distinguish who obtains the elder orphan’s assets and how that occurs.

What is an elder orphan?

Elder Orphans: “An older person who is socially or physically isolated, without an available family member or caregiver to help them manage aging. ”. A recent study from the University of Michigan found that an estimated 22% of all American over 65-years-old are at a significant risk of becoming an elder orphan.

What are the things that require attention when planning for retirement?

Some of the matters that require attention while planning for retirement include the following: Maintaining mental and physical health. Healthcare coverage. Saving enough money and investing properly. Outliving your money. Long-term care needs.

Do orphans have mental health issues?

This is not always a negative experience for people as they age, but elder orphans have been known to be at a much higher risk of mental illnesses like anxiety or depression. They also don’t have advocates to help them when they undergo serious surgeries and terminal illnesses.

Is long term care insurance good?

Plan for long-term care treatment — Looking into communal living options and organizations as well as keeping certain institutions in mind always goes a long way for your later years. Long-term care insurance is always a good option for everyone.

Meet with an Elder Law Attorney for Aging Alone

It is incredibly important to meet with an elder law attorney and develop a plan to fill out and file estate planning documents. This attorney can help you execute a Will or Trust as well as a Durable Power of Attorney.

Devise a Safety Plan

If you are a solo ager, living alone, you may need to ensure you have a plan in place to keep you safe. For those seniors who are comfortable using smart products, there are lots of apps that can help you. Some apps even require you to check in throughout the day to verify you are alright.

Make Sure You Have Aging Allies

What is an “aging ally” you might ask? An aging ally is someone who is ready to help you, should you need more care. They are essentially your safety net.

What are some examples of patriarchs?

“An example would be a patriarch who is used to being in charge. He's stubborn. He never wants help with anything. However, you notice that he is making some risky choices with money that just don't make sense to you.”

What is an estate plan?

“An estate plan is the guide to how you want your personal and financial affairs to be handled, in the event of your incapacity or death. As life changes, your guide changes with it.”

Is I Care a Lot a guardian?

Netflix’s popular new movie, I Care a Lot, may be far-fetched in a lot of ways, but it does highlight some real weaknesses in the guardianship system that make it possible for an unscrupulous guardian to take control of an elderly person’s life and bleed their resources dry. Fortunately, steps can be taken to avoid the guardianship system and the kind of nightmare the film portrays.

Meet with an Elder Law Attorney for Aging Alone

It is incredibly important to meet with an elder law attorney and develop a plan to fill out and file estate planning documents. This attorney can help you execute a Will or Trust as well as a Durable Power of Attorney.

Devise a Safety Plan

If you are a solo ager, living alone, you may need to ensure you have a plan in place to keep you safe. For those seniors who are comfortable using smart products, there are lots of apps that can help you. Some apps even require you to check in throughout the day to verify you are alright.

Make Sure You Have Aging Allies

What is an “aging ally” you might ask? An aging ally is someone who is ready to help you, should you need more care. They are essentially your safety net.

What is the final stage of a power of attorney?

The final stage according to Marak is when a senior needs extensive personal and medical care. This is usually found in a nursing home or through hospice care. At this time, it is imperative that seniors have a “Durable Medical Power of Attorney” which will be given the legal right to make decisions about the seniors’ medical care if the senior is unable to communicate. A regular “ Power of Attorney ” does not have this ability. According to the Hospice Patients Alliance:

Why should seniors have a set list of individuals they trust to care for them?

The risk of elder abuse increases as more caregivers are added to the mix, so seniors should have a set list of individuals they trust to care for them whether it’s a friend, family member, neighbor, or other member of the community.

What is the next stage of aging?

The next stage of the aging process is dependency. This is where seniors need help with basic daily activities including meal prep, dressing, bathing, laundry, etc. Dr. Anthony Komaroff of Harvard Medical School recommends a continuing-care retirement community during this stage. These facilities often have a variety of living arrangements for people at different stages in life. They provide social interaction with common spaces as well as kitchens where residents can get food and eat in a social environment.

How many elder abuse cases were there in California in 2010?

In 2010, there were 632,693 cases of elder abuse in California alone and that doesn’t include the many instances that don’t include physical abuse, and therefore often go unreported. According to one California elder abuse lawyer, some of these less noticeable types of abuse include: Abandonment. Abduction.

Should elderly people research senior living homes?

Elderly persons should research senior living homes that fit their future needs and also a nursing home that they can afford and would like down the road. This is also an important time for seniors to consider anyone outside of their family that they trust with their care.

Question

I’m planning to appoint an estate lawyer as my durable power of attorney for finances, since I don’t have a relative or friend who could fill the position. I’d like some information on how such a professional agent would be paid, and what the charges are roughly likely to be.

Response

You’re facing a challenge in common with more and more people as fewer Americans get married and have children and more get divorced. While in 1960 72% of American adults were married and 5% were divorced or separated, by 2010 the numbers were 51% and 14%, respectively.