While single men tend to pass away at younger ages on average than married men, I have met a number of aging single men without children. Unlike aging single women, who tend to both emote their needs and take steps to elicit sympathy and the help they require, aging single men tend to continue toughening up, not ask for help from others, and ignore seemingly unimportant health concerns that turn out to be rather serious. Single men often do not age well, are financial targets, and tend to do age without the familial concerns their female counterparts receive. They also tend not to ask their male friends for help.
If you have an uncle, brother or male friend who doesn’t have a trusted spouse, girlfriend or children, here are some suggestions you can make to them regarding helping them handle their affairs as they age:
Hire Future Professional Agents
It is now possible to find individuals who specialize in acting as someone’s Attorney-in-Fact under a power of attorney or Health Care Agent in a health care proxy. The former is usually also a daily money manager (meaning someone who helps pay bills and consolidate assets), the latter may work as a care manager or social worker. Some professionals now work as both. Be cautious, as this is a uncertified, unregulated professional field, so make sure to interview the individual several times before signing any document, and have someone like an Attorney named as a Monitor under the Power of Attorney.
Ask a Trusted Attorney to Serve as Successor Trustees
Setting up trusts will help the client to make his own decisions while alive and alert, name a successor who can continue his care during his life, and avoid probate after the client has passed away.
As a matter of course, New York attorneys are not supposed to advertise themselves as acting as professional trustees, and are not even supposed to put it out there. However, if the client asks first, they attorney may do so if certain disclosures are made. I would suggest the attorney specialize in trusts and estate and elder care law, as single aging men are targets for professional care givers who abscond with money. Knowing how to minimize this possibility is crucial, though your real estate attorney friend may not be the best choice of successor trustee.
Continue Trusted Relationships with Younger Accountants and Financial Planners
Sadly, infirmed individuals often get taken advantage of, so it is important to minimize this possibility as much as possible. Having existing relationships with younger professionals who shall continue to be involved in an aging man’s life is another important safeguard to ensuring absconders are kept at bay.