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Older Australians and new love - wealth protection and health planning

in Estate Planning by Rod Cunich on

Most Australians are living longer and healthier nowadays, and with this extended and more active lifestyle, more and more people are finding love a second time around at an older age.

In this day and age, someone may be divorced or widowed by the age of 70, but they could still live long enough to meet a new partner, re-marry them and for that marriage to last 20 years.

Entering into new relationships and marriage in their twilight years gives many people a wonderful new lease on life, but it’s also important for these love-birds to negotiate their future together.

Anyone entering a relationship needs to think about how to plan their future with their new partner, but this is especially important at an older age.

While older people are often debt-free, they may have superannuation, investments and other important assets like a house which may need to be protected for the children of their earlier relationship.

They may also have an inheritance from a late spouse, and adult children who might be set to inherit assets and belongings.

But it’s not just about the money. With the possibility of deteriorating health – which might see one partner becoming the other’s carer, for instance – the couple also needs to plan for ill-health and even funeral arrangements.

While it may seem gloomy to talk about these sorts of financial and health arrangements, especially in a new relationship, it’s an important step towards making sure they’re on the same page before enjoying their future together.

For more information, visit Estate Planning.

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