Solo aging refers to the more than 20 million Americans over 50 who are navigating life without a spouse, nearby children or family to provide support. The 2020 US Census identified 8% of the US population over 55 have no biological children and no spouse or partner with women comprising the largest proportion (16%). Millions more Americans live alone without regular contact with their children or families. With marriage and birth rates declining across the US and the world, this trend will only increase over time. 

If you find yourself as a solo ager, don’t fret! You have the freedom to take control of your future and make a plan. Whether you’d like to pass an inheritance to distant family, use your hard earned money to fund your favorite charity, or simply want to be sure your wishes are honored, there are steps you can take today to ensure things happen in accordance to your wishes after you pass. As a Solo Ager, if you don’t make a plan the state will be forced to step in to manage distribution of your assets, estate and remains.

Funeral Pre-Planning

Proactively addressing funeral expenses through pre-planning and pre-payment is a strategic financial decision. It allows you to secure the prices paid today, avoid future inflation, and ensure your wishes are carried out.

A pre-paid funeral or cremation is an arrangement made with a funeral home in advance of need. Whether you pay in full or through monthly installments, you can budget for this expense in a way that aligns with your financial goals. Plans are customized to your choices and typically start around $3,000. Discussing pre-payment options with a licensed funeral provider allows you to budget accordingly and prepare for securing your plans.

Each person has unique preferences when it comes to their final arrangements. Some may prefer a traditional religious service, while others envision a celebration of life. Some might choose cremation with their ashes scattered in a meaningful location, while others prefer a burial with a specific headstone inscription.

Without clear guidance, a Solo Ager’s remains may be left to the local authorities or a public administrator. Or worse, the Solo Ager’s wishes may be unknown or unrespected by family with whom they were not close in life. Pre-planning allows you to outline your exact wishes, ensuring that your funeral reflects your values, beliefs, and preferences.

Plan for your Assets

Many people question the necessity of an estate plan and often conclude that the size of their estate doesn’t warrant future planning. Regardless of the size of your estate, it is important to establish a plan for your remaining assets after you pass, especially if you are a Solo Ager. 

Establishing a living trust is the best option to provide for the future of your assets. A living trust is a legal arrangement that holds your assets during your lifetime and distributes them in their entirety according to your wishes after your death or incapacity. A living trust does not require a court process or probate to execute and therefore incurs no additional legal fees, allowing your assets to be distributed in full as specified. 

A living trust will allow you to designate the distribution of your property and assets wherever you choose. Solo Agers often select charities and causes of significance to receive charitable bequests through their living trust. This can include retirement accounts and life insurance policies, in addition to physical and financial assets.

Why should you use an attorney to draft your living trust?

An attorney will ensure a living trust is legally valid, properly structured, and tailored to your specific needs and state laws. Experienced and trained estate planning attorneys will guide you through the process, answer questions about funding the trust, and help you avoid potential legal complications and disputes. 

Planning = Freedom

Now is the time to choose the direction for your journey! Whether you are 50 or 80, utilizing your freedom as a Solo Ager to outline your goals and desires for your assets and end-of-life will set you up for success. Sometimes aging can feel out of control and pre-planning is your opportunity to create the roadmap for your future.

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