Over the past few years, millions of Americans have tuned in to ABC to watch the popular show, the Golden Bachelor. The show marked the first time in history that the Bachelor franchise featured seniors, with every contestant being at least 60 years old. The Golden Bachelor is just one example of a growing trend for seniors to seek out love after loss, whether that loss comes from death or divorce. A 2021 Time magazine article “Why Older Couples Don’t Need Marriage to Have Great Relationships” reports that the rate of adults over age 50 who are cohabitating without remarrying quadrupled between 2000 and 2020. Whether it’s a marriage or a long term relationship, trends indicate that the senior population is coupling up at higher rates than ever. Regardless of the type of relationship, when two families merge their lives together, effective estate planning is not just a good idea- it’s essential.
From a legal perspective, the considerations are very different when planning for a married couple versus partners with no plans for marriage. For example, a married couple is responsible for one another’s long-term care expenses in an assisted living or skilled nursing facility. Spouses also have certain rights to one another’s probate estates. On the flip side, an unmarried partner will not have legal access to the other partner’s medical information or have legal authority to make funeral and burial arrangements without appropriate legal documentation. The bottom line? Estate planning is crucial in both scenarios.
Scheduling a meeting with an attorney who specializes in estate planning and elder law is a great first step to ensuring your wishes are carried out accurately and completely. A pro tip? Don’t let fear of difficult conversations delay your action. Burying your head in your sand is never the way to go, but even less so when you have a blended family in the mix. If you don’t make a plan, the state will make one for you – and it’s unlikely to be an accurate reflection of your goals.
What types of issues should your estate plan address? At a minimum, be sure you’ve established a comprehensive Last Will and Testament, Durable General Power of Attorney for finances, Health Care Power of Attorney and Living Will Declaration, and a Right of Disposition of Remains (RODOR). In many blended family situations, incorporating one or more Revocable Living Trusts into the estate plan also makes sense.
Your powers of attorney for health care and finances should name the appropriate people to make your important decisions on your behalf when you are not able to make those decisions yourself. Do you want those medical or financial decisions to be made by your spouse/partner, or do you prefer to have an adult child make them instead? Talk to those that are involved to make sure all parties are on the same page. Likewise, the RODOR should nominate the person you want to be responsible for your burial or cremation, as well as funeral planning. For many people, that is their spouse – but that is not always the case. If you are in an unmarried partnership, this can be incredibly important.
A Last Will or a Revocable Living Trust should designate how you want your estate to be distributed after you pass away. While both documents essentially serve as a book of instructions, a Last Will is only administered in probate court, while a Revocable Trust allows for a private administration of your estate. A Trust can also allow you to put stipulations on how an inheritance is managed after you’ve died. For example, if you own the home where you live with your spouse, your trust might give your spouse the right to live there for the rest of her life, and then have the house sold and the proceeds distributed to your adult children after your spouse has died. Regardless of whether you use a Will or Trust as the primary vehicle for your estate planning, it crucial to be sure that all of your assets are correctly coordinated to work with your Will or Trust as you intend – otherwise, the whole estate plan can blow up inadvertently!
Another noteworthy point? Ohio law changed dramatically in 2023, and now allows postnuptial agreements. Prior to this change, only prenuptial agreements (those signed before a wedding) were available to Ohio couples wishing to contractually outline their rights as spouses. Under the new laws, couples can enter into an agreement after their wedding day, and they can also alter or revoke existing agreements.
These key points just begin to scrape the surface of what you should consider when creating or updating your estate plan. Each individual family has their own set of unique circumstances, and there is truly no one size fits all solution. Working with an experienced attorney is a key element to the success of your estate plan.
Romance can be a beautiful thing at any stage of life. However, remember to be cautious and intentional in how you structure your legal affairs. With a little bit of intentionality and effort, you can rest assured that your hard-earned legacy will be carried out in the manner that you intend.