You’re never too old to find love. While many people are rejecting marriage entirely, others are choosing to get married later in life. Later-in-life marriages can offer many benefits, but there are also serious estate planning consequences to consider. If you’re tying the knot, take some practical steps to protect your estate.
Marriage Trends Are Changing
U.S. Census Bureau data shows that the average age at a person’s first marriage has risen over the years. In 1950, the average age for men was around 24, and the average age for women was just over 20. In 2024, the average age for men was around 30, and the average age for women was around 28. While the average age is still fairly young, it’s become more common to see older adults walking down the aisle.
Research published in the Journal of Marriage and Family shows that first marriage rates for people between the ages of 40 and 59 quadrupled between 1990 and 2019. Among those aged 50 to 59, first marriage rates more than doubled for women and nearly doubled for men.
Remarriage rates have been falling in general, according to Bowling Green State University, but this trend is most noticeable among younger individuals. In fact, the 65 and older age group is the only age group that’s seen an increase in remarriage rates.
The Advantages of Marriage
When older adults marry, they can gain many benefits ranging from the romantic to the practical. In addition to companionship, spouses have legal rights and tax options that unmarried couples don’t. Married couples also get to pool resources, and that can lead to increased financial security.
The impact on wealth is significant. According to the U.S. Census Bureau, the median wealth is $581,900 for married couples between the ages of 55 and 64 and $600,000 for married couples age 65 and older. For unmarried people between the ages of 55 and 64, median wealth is just $103,00 and $98,300 for men and women respectively. In the 65 and old age bracket, it’s just $197,900 and $184,000 for unmarried men and women respectively.
What to Think About Before Marrying Later in Life
Despite the many benefits, marriage can also come with risks, especially when it occurs later in life. Older adults often have more assets to think about. They may also have children from previous relationships. Issues like these can lead to complications, especially in terms of estate planning.
Inheritance Concerns
Estate-related disputes frequently involve remarriages and children from other relationships. Consider a scenario involving a woman with two adult children who expect to inherit everything. Then the women remarries in her 60s, and her new husband ends up controlling her assets when she passes away soon after. A situation like this is likely to bring conflict.
Gold Digging and Abuse Accusations
In some cases, disputes may involve accusations of gold digging and even elder abuse. In one real-life example, My News LA says the children of musician Robbie Robertson have accused their father’s widow of taking advantage of him when he had cancer to enrich herself.
Risk of Gray Divorce
As later-in-life marriages have increased, later-in-life divorces have also increased. The U.S. Census Bureau says that divorce rates among adults aged 50 or older – often dubbed gray divorces – have increased since the 1990s.
A divorce at any age can have significant estate planning implications, but these issues may be especially pressing for older adults with significant assets.
Estate Planning Tips for Late-in-Life Marriages
Any major life change triggers the need for an estate plan update, including a later-in-life marriage.
- Update your estate plan, including your will and any beneficiary designations on life insurance policies and retirement accounts.
- Consider what would happen in the case of divorce, and consider getting a prenup.
- Have a frank discussion with your family. For individuals with adult kids, this is especially important to prevent future estate planning disputes.
One more thing – it’s smart to go over your estate plan with an estate planning attorney. There are a lot of nuances that people tend to forget, especially when dealing with complex scenarios like later-in-life marriages and second marriages. An estate planning attorney can help you craft an estate plan that supports your wishes and accounts for unexpected scenarios. Contact Skinner Law to make an appointment.