Older Adult Marriages And Estate Planning
Love can blossom at any age. It is not uncommon to see previously divorced or widowed people get remarried well into their 50s, 60s, 70s and beyond. Sometimes it takes being a little older and more realistic in your expectations for a relationship to work. However, there are still unique challenges you are likely to face. Our Bronx & Westchester estate planning attorneys explain some of the important documents you should have in place.
Older Adult Marriages And The Need For Estate Planning
Divorce is common among people over 50 but does not keep them from finding love in the future. According to 2021 U.S. Census Bureau statistics, close to half of all older adults are in a second or subsequent marriage. This may be due to divorce or being widowed in the past. Either way, it can create some unique challenges.
While older adults may look and act young, they are still subject to the effects of aging. This means that they are at increased risk of developing injuries, illnesses, and chronic health conditions that could result in death or incapacity. Estate planning protects everyone in these situations. Documents to have in place include:
- A will: Your new partner will be entitled to the lion’s share of your estate if anything happens to you. Having a will protects your children, other loved ones, and any non-profits or other groups you support.
- Powers of attorney: This designates someone you trust to act on your behalf both in handling financial matters and in making important medical decisions on your behalf. These are important in any situation, but particularly if you recently remarried.
- Advance directives: A living will and other advance directives in New York convey your wishes regarding emergency health conditions and end of life care. It can prevent disputes among family members and spares them from having to guess as to what you would have wanted.
- A trust: A trust allows you to transfer assets to a third party while still retaining control. It can allow you to be more specific regarding distributions to heirs than you can in a will. A trust can also help in Medicaid planning, helping to prevent you or your spouse from having to spend your life savings paying for long term care.
- A prenuptial agreement: This is a smart move for any couple, particularly if you were married in the past, have children from prior relationships, or either you or your spouse has significant amounts of assets and debts. It provides transparency, allows for realistic communications about money, and helps ensure both parties are protected.
Contact Us Today for Help
As your neighborhood law firm, Cavallo & Cavallo provides the trusted legal guidance you need through various stages of your life. Getting remarried and need to discuss important documents that should be in place? Reach out and call or contact our estate planning attorneys online to request a consultation in our office today.
