A growing number of people in California are deciding to divorce later in life. As people live longer, healthier lives, they may also be more open to planning a new future, dating and remarriage. However, when seniors remarry, they may have special concerns about estate planning that are worth keeping in mind when preparing for a happy marriage later in life. Many people may still get swept up in their enthusiasm and forget to update their estate plans, a mistake that could lead to costly problems later on.
Avoid accidentally disinheriting loved ones
If your existing will provides all of your assets to your children, you could wind up inadvertently disinheriting your newer spouse. In other cases, you may leave all of your assets to your new spouse, leaving your adult children from a prior relationship at risk of being left out. It can be important to include an estate planning review as part of your wedding plans. You might choose to craft an estate plan that pays careful attention to the needs of both adult children and your new spouse.
Options to improve flexibility
Your estate plan may become more flexible if you make use of the greater privacy and expansive provisions available in a revocable trust that provides for both your spouse and your children. In other cases, you might want to make use of a marital trust for a portion of your assets, with the remaining assets in the trust passing to your children after your spouse’s death.
There are a number of other factors to keep in mind when considering remarriage later in life, including changing your beneficiaries for investment and retirement plans like 401(k)s or life insurance policies. An estate planning attorney might provide guidance on planning to protect all of your loved ones.