The experience of finding a companion is exciting to most at any age. To someone that has lost a spouse, or has never thought about marriage until retirement age, it can be an exciting time that they didn’t expect in their later life.  50% of retired Seniors are remarrying or getting married for the first time.  A high percentage of them are getting married in a faster time frame than they would have in their earlier days.  Most do not think about the Estate Planning that they already have in place or how changes should be made before they take the plunge.

What should you, as their attorney, be considering before they get married?

Do they have a large amount of assets?  Do they need a Prenuptial Agreement?  Everything from bank accounts, stocks, houses, family heirlooms, and any other assets should be discussed.  They wouldn’t want their children or other family members fighting over who should have gotten what.

Estate Planning documents need to be updated with most every life change, but particularly when there is a surviving ex-spouse and the client is remarrying.  If left alone the unintended spouse could be the beneficiary. Often clients remember to change their will and life insurance policies, but forget about retirement pensions or other employment benefits. Tax rates also change with a marriage.  When embarking on a new marriage Estate Planning is not often on the agenda and is all too often an afterthought.   Don’t let your client make this mistake.