Late-in-Life Marriage, Reviewing Your Estate Plan

Finding love is a blissful thing to experience, no matter how old you are and no matter how many times you have been married. For some older individuals, you may have gone more than 40 years as a single person and have simply been enjoying life, friends, and work just the way it is. Or, perhaps, you married and divorced young, leaving you to enjoy being single for quite some time.

Whatever the case may be, you may now find yourself in love for the first time or finding it once again. If that is the case, you as an elderly individual have likely already established your estate plan with your personal assets or children from a previous marriage, etc. Regardless of the circumstances, getting married when you are older can be a bit more complicated simply because you have lived more life and own more stuff. This, however, doesn't make it impossible to handle! Still, it is encouraged to contact your estate planning lawyer before you officially tie the knot so you can assess the necessary changes for your contract.

Research shows that there are many more couples who are saying "I do" after the age of 50; if this is you, you will want to take time to go over your estate plan before making the union official. One question that may arise with a late in life marriage is the thought that what one spouse may not need to prove for their new partner when they get married. In most cases, when people are at the age of 50 they are set in their ways and financially secure. In fact, many spouses who marry later on may not want their new spouse to support them at all, especially if they still have ties with their children from previous marriages. However, it is important to realize that in every state but one (Georgia) it is the law that you must have your spouse as the inheritor of your property. Disinheriting cannot happen without the consent of the other spouse. Discussing these matters before you tie the knot is important, so meet with your lawyer as soon as possible.

If you would like your spouse to be provided for on your estate plan, then you will want to contact your lawyer in order to discuss adding your new partner and the details of how you want to change your previous estate plan. Before doing so, sit down with your soon-to-be spouse and discuss how much you want them to inherit, and how they hoped to be provided for by your plan. This may also include adding your new spouse as the beneficiary of your estate or other plans such as insurance or retirement plans. While it may not be too romantic to discuss these details before marriage, it is helpful to do so. Not only because your estate plan can be complex, but also because you never know when your life may end, and you want to be prepared!

Whichever side you are leaning towards, not having your new spouse on your estate plan or having them become the beneficiary, you will want to make sure that you speak with your estate planning lawyer to work through any changes that may occur and legalities you will need to address. Even if you are a young person reading this article, it is never too soon to plan your estate! Please use this website to locate a probate lawyer in your area!