As many Americans are living longer, there has been an increase of late-in-life marriages. With elderly marriage comes quite a few concerns, however, especially when it comes to financial matters and estate planning. Florida residents who find companionship in their retirement years may need to or want to modify their estate plans in order to address any concerns.
It is not uncommon for those 65 years of age and older to already have end-of-life plans put in place. When an individual in this age group chooses to get married, though, it is likely that any adult children he or she may have will be concerned. Children may worry about the effects that a new relationship will have on their parents' future care, financial security, final wishes and, ultimately, the distribution of his or her estate.
Prenuptial agreements can help settle some issues, but these contracts can fall short in some cases. The instructions left in an estate plan often trump what has been included in a marital contract. As such, modifying estate plans may be the best way to ensure that children and one's new spouse are taken care of as desired and that the appropriate individuals are given the rights to access accounts and make any necessary legal and financial decisions.
Estate planning can be done early on in one's life, but certain events later in life may require that these plans be changed. Elderly marriage simply is one such event. Florida residents can seek the advice of counsel to ensure that the appropriate legal measures are taken to protect loved ones and assets, and to make sure final wishes are clearly documented in order to help prevent future conflicts.
Source: Time, "Does Grandpa Need a Prenup?", Tracy Craig, Aug. 25, 2015