Estate Planning Tips When Getting Married Later In Life

Posted on: 17 September 2017

More and more people are deciding to either get married for the first time or remarried later in life. Just as life in your 40s, 50s, 60s and beyond is different from life in your 20s or 30s, getting married later in life also comes with a different set of parameters, especially when it comes to estate planning. If you've chosen this course, ensure you know what to do:

Speak with Your Partner

It's best to begin your estate planning efforts by talking with your spouse. At this stage in life, it's far more likely that you've assembled your own assets, including property and investments. The only way you two can formulate an estate plan is to basically put everything on the table.

Prepare a list of your assets and ask your partner to do the same. The two of you can then start to plan a course of action detailing how you want to move forward with your wills, power of attorney, estate plan, and other documents.

Know What's Already Been Promised

Just as it's likely that you've mounted your fair share of assets by this point, it's also likely that you have children. If this is the case, make sure you know what has already been promised. For example, if you have already promised your vacation home to one of your children, the last thing you want to do is include it in a will that transfers it to your spouse.

If your partner also has children, they should be doing the same thing. Be upfront and honest about any assets that you have already decided on.

Don't Rule out a Prenuptial Agreement

Prenuptial agreements are not just for the rich and famous. Any person that has something to lose is a candidate for a prenuptial agreement. Given all the hard work you've put into reaching this point in life, a prenuptial agreement is a great way to ensure you're protected should the unexpected happen.

This agreement is especially helpful if you're retired and on a fixed income. Losing some of your assets at this stage in life can be especially devastating to your lifestyle.

One of the best things you can do when getting married later in life is to speak with an attorney. An attorney will analyze you and your partner's situation to determine the best course of action and ensure you're both protected, as well as your families.

Contact a law office like McFarland & Masters LLC for more information and assistance.