You need a health care proxy, financial fiduciary, and an executor (your “Agents”) to complete your estate planning or advanced directives. But your go-to people are unavailable, out of state, older than you, or you just don’t want to put that burden on anyone. This is one of the most common concerns I hear from solo agers, and the good news is you have options.
Check with Your Extended Network
If you don’t currently have a partner or spouse, think about whether your children, neices, nephews, or even adult grandchildren would be a good agent. The main qualifiers should be that (1) you have a good relationship, (2) they are reliable, and (3) they are willing to put in the effort to assist you when the time comes. If you don’t have or don’t want to use extended family, you may consider close friends, people in your clubs or faith community, or professionals.
Professional Executors Are a Real Option
When family and friends aren’t available, professional agents are a great option. They have a fiduciary duty to act according to your wishes, which legally protects you from any bad behavior on their part.
Health Care
For your health care proxy, several types of professionals may be able to act, including: a nurse, social worker, or Geriatric Care Manager. In Westchester, both Senior Law Day Collaborative and the Aging Life Care Association maintain lists of elder care professionals who may be able to act as your health agent.
Financial Agents & Executors
Largely, financial agents can also act as executors, meaning you can have the same person or people for both. Many types of professionals offer financial agent services. Some options include money managers like the ANA Group in Westchester, financial advisors, elder law attorneys, banks, and trust companies. For a fee, you get someone neutral, experienced, and accountable. For solo agers, complex estates, or situations with potential family conflict, that’s often worth it.
Secondary Choices (Backups)
It’s best to always name a secondary choice, even if your first choice agent is younger than you. Your first choice might predecease you, become incapacitated, or simply decline when the time comes. Name at least one or two alternates in clear sequential order. If you only have one trusted person in your life, it’s a good idea to name a professional as back-up. If you don’t choose someone, it will later be up to the State courts to select someone for you.
Remember
Choosing an agent isn’t just about who you trust. It’s also about who can actually handle the job. If the right person for you is a professional, that’s a completely legitimate choice — and often a smart one.
Name one primary, name your backups, and make sure whoever you choose knows they’re on the list. That last part matters more than people realize.
Want help thinking through your specific situation? That’s exactly what a first consultation is for. I offer free 30-minute consultations for Westchester residents interested in learning more about setting up their estate plans and advanced directives.