Living Together Without Tying-the-Knot? Why Estate Planning is Imperative!
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Marjorie (66), a widow, and Stan (67), a divorcee, have lived together for six years. A decade before, Marjorie watched her husband suffer from Frontotemporal Dementia, which caused him to be violent towards her, until he entered a nursing home and died three years later. Stan also had a difficult marriage and an even tougher divorce, which drained him both emotionally and financially. Both Stan and
Marjorie have a bad taste in their mouths about marriage and vow to never get married again. They are both overjoyed, however, to have found love with each other later in life, are in a healthy relationship, and enjoy things just the way they are.
Similar to Marjorie and Stan, living together has a lot of appeal for seniors and seems to be on the rise. According to the U.S. Census Bureau, the number of unmarried couples who are 50+ increased 75% between 2007 and 2016. A likely reason for this is that many have experienced at least one difficult divorce, so they’re wary about remarrying and facing potential legal entanglements once again if
things don’t work out.
Living together may seem like a simple arrangement, but it is actually quite complex, especially when it comes to estate planning. Unmarried couples — straight or gay — can face a variety of issues when it comes to estate planning, because estate planning laws are not as favorable for unmarried couples, but that can be fixed with proper planning in place. The following are some issues to consider for
those who are cohabitating and what can be done to solve them:
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