Estate Planning for Solo Seniors in Ohio

Nobody wants to think about becoming unable to manage their own affairs. But ignoring the possibility doesn't make it less likely to happen. For seniors who live alone, there's an added concern: there may be no spouse or family member ready to step in when something goes wrong. Estate planning for solo seniors provides a way to decide in advance who can handle finances, make medical decisions, and manage an estate. Otherwise, Ohio law and the court system may end up filling in the blanks.

Key Takeaways

• Without a will, your estate will be handled in probate in accordance with Ohio intestate laws.
• A financial power of attorney ensures someone can act on your behalf when incapacitated.
• A healthcare directive puts your care wishes in writing for when you can’t communicate them.
• Some solo seniors may find a trust to be a useful estate planning mechanism.
• Choose trusted individuals to carry out your wishes when the time comes.

Create a Will That Reflects Your Wishes

A will is a legal document that directs what you want done with your estate after you die. It directs how your belongings should be distributed. It nominates an executor, who is the person who carries out the wishes outlined in the will. Without a will, a deceased’s person’s estate will be distributed according to Ohio’s intestacy laws.

While a will can address a significant portion of an estate, it doesn’t control every asset. Some assets will be handled outside of probate. For example, accounts with a beneficiary designation, such as life insurance. Property can also have a transfer-on-death arrangement. Ownership automatically transfers to the designated person upon death.

Choose Someone to Handle Your Finances if You Become Incapacitated

Complications can arise when someone becomes incapacitated. Someone needs to have the authority to act and speak on your behalf when you are unable to. A financial power of attorney can designate a trusted individual to have that role. The catch is that you need to have this document prepared before you become incapacitated. Waiting until you need one is too late. You can give your designated person the authority to perform a variety of tasks that relate to financial, business, personal property, real estate, and banking. That way, your finances are overseen while you are unable to do so yourself. However, granting broad powers can create risks. Work with an estate planning attorney to help draft a document that’s tailored to your circumstances.

Put Health Care Decisions in Writing

If you live alone, it's important to decide who can step in if you become unable to make medical or financial decisions yourself. An Ohio health care power of attorney lets you designate someone to make health care decisions when you cannot, while a living will can spell out your wishes about life-sustaining treatment. Naming a backup agent provides another layer of protection.

You should also look beyond your will when deciding who will receive your property. Beneficiary designations on retirement accounts, life insurance policies, bank accounts, and investments should match your overall estate plan. For Ohio real estate, a transfer-on-death designation affidavit may provide another way to transfer property to named beneficiaries outside probate.

Decide What Happens to Your Home

For many solo seniors, their home is their largest and most valuable asset. That makes it crucial to safeguard it and have a plan for how it will be handled. Several options are available, such as a transfer-on-death designation, a trust, naming a will beneficiary, or another ownership arrangement. There is no single best option for everyone. Working with an estate planning attorney can help you determine which option is the best for your home.

Consider a Trust When a Will Isn't Enough

Sometimes, a will cannot adequately address your wishes. Some solo seniors may benefit from a revocable living trust, particularly where they want more detailed management of assets or a plan for incapacity. Ohio law recognizes several types of trusts, so working with an estate planning attorney can help solo seniors choose the best trust for their needs.

Choose the Right People to Carry Out Your Plan

Choosing the right people to carry out your wishes is a core part of estate planning. You can choose one person for everything, or different individuals for each role. You can also name alternatives in case the first chosen person cannot perform their role. Without a named alternative, you leave the replacement choice to the court. Consider non-family options where appropriate, such as a trusted friend or professional fiduciary. The ideal person will be:

• Trustworthy
• Responsible
• Willing to serve
• Capable of handling the responsibilities
• Able to communicate with professionals and institutions

Probate administration is a legal process. Being related to someone doesn’t automatically make that person the best choice.

Protect the Estate Plan From Future Problems

Creating an estate plan is only part of the process. Your estate plan should change when your life changes. You should revisit it when your circumstances change, such as after the death of a beneficiary or person you named to serve, a move, a significant change in your assets, a change in your health, or a change in your family or other relationships.

Beneficiary designations should be reviewed, too. Regular reviews can also help protect against financial exploitation. A power of attorney can give an agent significant authority over your finances, so choosing someone trustworthy and limiting their authority when appropriate can help reduce the risk of misuse. Be cautious if someone pressures you to change your will, sign a power of attorney, or make other significant changes to your estate plan.

Work With an Ohio Estate Planning Attorney

The biggest benefit of estate planning for solo seniors is control. Without a plan, those decisions may be governed by Ohio law or left to a court to resolve. Gudorf Law Group, LLC helps Ohio seniors create thoughtful estate plans designed around their wishes, relationships, and assets. Schedule a consultation and start putting your plan in place.