Estate Planning for Seniors Who Are Newly Married
As you approach your 60’s or even your 50’s individuals who celebrate a new marriage need to be attentive to the unique estate concerns that arise when marrying late in life. Those concerns should be addressed by making certain that each senior has an up-to-date estate plan that fully takes into account their new personal and financial circumstances and future contingencies relating to their estate. Working closely with a knowledgeable estate planning attorney is the best way to ensure that all necessary matters are thoroughly addressed.
Importance of Communication
Estate planning for seniors who are newly married often gives rise to complicated issues relating to finances of the intended spouses. The concerns may be particularly complex if either senior was previously married and has adult children and grandchildren. Since a new marriage can significantly change the estate planning goals of a newlywed senior, it also may impact their family members.
Open and honest communication between the prospective spouses about finances and family matters is an important step in the process of identifying and resolving potential issues. Ideally, the conversations should occur before the marriage takes place. Full disclosure about financial and family circumstances in advance helps the seniors plan effectively for their future together. Understanding their respective estate goals, especially for other family members, is an important component of the estate planning for seniors discussion.
Each individual should also talk with an experienced estate planning attorney about making changes to their estate plan (or putting an estate plan in place) to take the new marriage into account. It is strongly recommended that these discussions occur before the marriage, so each person understands the estate implications of the marriage and is prepared to make essential changes shortly after the marriage occurs.
Estate Planning Concerns for Newlywed Seniors
Newlywed seniors must address several important estate planning considerations as part of updating their respective estate plans.
A key concern for senior prospective spouses is identifying the long-term estate goals for children and grandchildren from previous marriages, in addition to the goals relating to the new spouse. Creating a blended family in a new marriage under any circumstances often requires paying special attention to particular goals affecting children, whether they are minors or adults. In the case of estate planning for seniors, grandchildren are also frequently involved.
Other estate planning concerns relate to planning for incapacity, which is always a part of a comprehensive estate plan. For newlywed seniors, making certain to update their estate plan documents that designate agents for finances (power of attorney) and medical care (advanced directive) is essential.
An estate planning attorney also works closely with a client to make certain that all beneficiary and account designations are identified and revised as necessary. This process includes more than just estate planning documents. It includes identifying and updating life insurance policies, retirement accounts with beneficiary designations, bank and financial account designations, along with other legal documents that may be affected. A new marriage also may affect property ownership and title documents for one or both new spouses. Identifying separate property and property that should be jointly owned is another aspect of updating estate planning for seniors who are newly married.
Getting help from a skillful estate planning lawyer is the only way to make certain that all these necessary updates are identified and accomplished when seniors plan a late-in-life marriage. An attorney helps with all estate planning documents and related matters, providing the peace of mind for both newlywed seniors that all important matters have been addressed.
Additional Considerations Regarding Estate Planning For Seniors
Another critical aspect of estate planning for seniors is addressing the possibility of needing nursing home or long-term care in the future. Seniors can and should plan ahead for these potential costs. There are effective strategies and tools to address these concerns, but individual circumstances must be taken into account in developing an effective approach.
For newlywed seniors, integrating nursing home planning and long-term care planning into an estate plan is extremely important. Getting help from an estate planning attorney with experience in these areas is the best way to ensure that these complex issues are addressed effectively in a new estate plan.
Talk With Our Georgia Estate Planning Attorneys
In our Cartersville estate planning practice at Asset Protection & Elder Law of Georgia, we focus on helping clients accomplish their estate planning goals by using the best approach for their unique personal and financial circumstances. When a senior plans a new marriage, we assist in addressing all the estate planning goals for a newlywed spouse. We apply our extensive experience in creating the appropriate legal documents, such as a will, trust, power of attorney, advance directive, and assisting with matters relating to nursing home and long-term care planning.
We serve clients throughout the communities northwest of Atlanta, including in Bartow County, Cobb County, Cherokee County, Gordon County, Floyd County, and Paulding County. To schedule a consultation, call us at (770) 382-0984 or contact us through our online form.
