Blended families are nothing new. Many baby boomers are at or beyond retirement age, single, and looking to get married. But if you’re retired and thinking of getting married, there are some important things you’ll need to consider, including making some changes to your estate planning.
Before walking down the aisle, set up an appointment with a Florida estate planning attorney. It’s entirely possible that most if not all of your estate planning documents need to be modified.
For example, your Will may still list an ex-spouse as a beneficiary or executor. If you and your fiancé both have children, you can address your new family structure as needed. Even if you are not adding step-children as beneficiaries, you may want to mention them in your Will.
Any trusts or powers of attorney you have signed in the past may need to be changed, too. An ex-spouse or ex-brother-in-law may still be listed as your personal representative. Discuss substituting new representatives with your attorney – and your fiancé.
The same review-change process applies to your living will and health care surrogate forms.
Finally, make sure you have made all necessary changes to beneficiaries listed on your financial accounts and insurance policies.
If either you or your new spouse own a business, take time to review your business succession plans. Protect your business in case of disability, death, or divorce.
Three things you probably don’t want to think about when you’re in the middle of planning your new life: incapacity, disability, and taxes. However, it’s critical to look at these issues before anything happens.
It’s important to discuss modifications to your Will that involve changing people’s roles. Make sure people know where they stand. If you’re adding or removing an executor, for example, tell the parties involved. Don’t forget to let loved ones know where you have stored your estate planning documents. This knowledge could save them time and aggravation down the road.
So many things must be considered when getting married as a current or soon-to-be retiree. Long-established habits and family relationships shift in subtle or obvious ways. While choosing your new home or flowers for your wedding, don’t forget to review your estate plans, also.