There are financial complexities that come with entering any new marriage, and widows or widowers should be aware of the complexities related to their estate plans as well.
According to research completed by the Pew Research Center, approximately half of previously married adults beyond age 65 had remarried, and the number was even higher for those between ages 55 and 64, with 67% of them remarried.
There are challenges faced by widows and widowers after entering another marriage, both emotionally, financially and practically. This is why it is important to engage with financial advisors and estate planning attorneys to make the transition to another marriage as smooth as possible.
Conversation is critical for outlining what documents may already be in place on behalf of the individual and long-term goals such as saving and investing strategies. Whether or not it makes sense to merge finances, is a great conversation topic. Particularly difficult topics to discuss with a future spouse or with a financial advisor include health costs, debt and credit scores.
It may be easier to approach this if a widow or widower schedules this conversation with a neutral third party. Estate planning can be extremely complex for couples previously married, especially for those who have children from other marriages.
The sample number of possible errors can make things complicated in and of itself, but the emotional bonds and sense of deservedness with blended family members can also be extremely difficult. If you have concerns about getting remarried and how to best protect your interests, schedule a consultation with an experienced estate planning lawyer today.
