Estate planning attorneys get to meet couples who fall in love later in life, and it is truly inspiring. We can help craft a plan that respects their wishes, whatever those wishes are. Here are a few examples:
- Jen (50) and Bob (59) both accumulated assets prior to meeting. Bob has an adult son; Jen has no kids. The couple wants to get married to solidify their commitment to one another. They execute a marital property agreement stating that the homestead becomes community property but that everything else stays separate; any property they purchase jointly will be owned as co-owners, not as spouses. We draft a trust for Jen stating Bob’s assets will be used for his wife’s care in old age, but if she does not need them, then everything left over goes to Bob’s son. Jen has a mirror image of this trust for Bob, and her family gets her assets if he does not need them to the extent he does not need them in old age.
- Ken (68) and Greta (61) are in love and have lived together happily for 15 years. Each has an adult child and assets. They do not wish to get legally married. They execute a cohabitation agreement that states that they are not married and share no community property. They buy assets as investments in their names together as co-owners. The cohabitation agreement is a peacekeeping agreement for their children. Their wills leave assets to each partner and to their adult children.
- Mark (65) and Kelly (60) are in love and want to get married. Each has adult children. Mark has far more assets than Kelly does. They couple executes a marital property agreement stating what happens upon potential divorce. However, they also reference and create an estate plan that provides that a surviving spouse will be generously provided for if the couple remains married.
Did you fall in love later in life? There is no reason to curtail celebration for fear that your assets will not be protected. Legal agreements and estate plans can be tailored to suit the specific needs of your situation.
Leave a Reply