No Heirs. Big Questions.

Nearly one in five adults aged 55–64 have no children.  That’s not just a data point; it signals a fundamental shift in the client landscape. Millions of individuals are approaching retirement without traditional heirs, prompting new and complex questions around legacy, caregiving, and estate planning.

This shift means wealth managers can no longer rely on legacy assumptions about estate planning processes. Our new whitepaper, Wealth, Care, and Legacy, explores how to serve this evolving client segment with empathy, strategy, and precision.

No Heirs, New Rules

In 2021, 16.5% of Americans over 55 had no children. Many live alone, and most won’t have a default caregiver. Without close family to lean on, they face unique challenges when it comes to estate planning and end-of-life care.

Yet, this group often has higher net worth and greater flexibility. For wealth managers, that creates a powerful planning opportunity - if you understand their goals and specific concerns.

Consider this: a 65-year-old retiree will spend an estimated $157,500 on healthcare. Medical costs have increased more than 120% since 2000. For solo clients, that figure isn’t just a budget line—it’s a looming personal risk.

That’s why addressing long term care early is essential.  Traditional insurance is more affordable when purchased at a younger age. Hybrid policies provide added flexibility, often including partial withdrawals or death benefits. Regardless of the solution, solo clients need a plan.

Legacy Without Lineage

Legacy planning still matters, even without children. Solo clients are more likely to support charitable causes, designate trusted friends or extended family, or outline specific goals for how they want to be remembered. That starts with foundational tools such as:

• Living wills
• Healthcare proxies
• Durable financial powers of attorney
• Pet trusts
  
  

Many solo clients turn to nieces and nephews, lifelong friends, or trusted neighbors. But, without proper legal documentation, the courts may appoint someone else, possibly a distant relative or even a stranger, to make critical decisions on their behalf.

To illustrate this idea, the whitepaper revisits the Terri Schiavo case, a 15-year legal battle over a woman’s care all because her wishes were never formally documented. One simple form could have spared years of grief for her husband, parents, and extended family.

No living will? The state decides. Living will in place? Your client decides.

The Platform That Brings It Together

Serving solo clients takes more than good intentions.  It takes smart, flexible tools. The SS&C Black Diamond® Wealth Platform empowers wealth managers with integrated capabilities that make personalization scalable:

• Visualize long-term care funding needs
• Track key decision-maker roles and relationships
• Model charitable and legacy scenarios
• Share information securely through real-time client communication tools
  
  

What once took spreadsheets, emails, and guesswork now happens in one place, purpose-built for modern wealth management.

Planning for a New Reality

Clients without heirs are no longer edge cases. They are a growing part of today’s wealth management practices and deserve thoughtful, proactive, and deeply personal planning.

Download Wealth, Care, and Legacy today and discover how technology can help you serve this growing client segment with clarity, continuity, and care.

Because no client’s wishes should be left to chance.