Finding Love in Old Age: Estate Planning Implications in Tampa

During your twilight years, you might find love again when you least expected it. Many elderly people become incredibly lonely, often after losing their spouses. If you find love in old age, you should be happy. But you should also consider the estate planning implications of a new romantic relationship – or a new marriage. An experienced estate planning lawyer in Tampa may be able to help you review these implications.

Your Loved Ones Might Challenge Your Will 

Be aware that if you start a new relationship during old age, your loved ones may challenge your Will after you pass away. If you alter your Will to include your new romantic partner, your relatives may be suspicious. They may believe that your new partner is merely after your money, and they may even think that you are being manipulated.

Of course, these suspicions may be completely false – and your relationship might be based on pure love and affection. However, it all depends how the probate court will view your situation. With the right legal strategy, they could have your Will invalidated – robbing your new romantic partner of their fair share.

An experienced estate planning attorney in Tampa can help you implement effective strategies that reduce the chances of your Will being challenged in court. Becoming aware of this potential issue is only the first step, and you should review your situation to determine the most appropriate strategies.

Beware of Romance Scams

You should also be wary of romance scams if you’re starting a new relationship at an old age. While some of these new relationships are natural and organic, others may be fraudulent. The sad truth is that many scam artists prey on seniors, and romance fraud is a popular choice among these criminals.

All seniors should think carefully about romance scams when aging-in-place and creating estate plans. If you don’t understand the potential threat of a romance scam, you could lose everything. Not only that, but your loved ones might lose their inheritance because you trusted a criminal.

Various asset protection strategies could be helpful if you’re starting a new romantic relationship with someone. If you’re a little suspicious but you’d still like to see where the relationship leads, consider putting your assets into a trust. Not only is this an effective estate planning tool, but it also creates a layer of checks and balances that protect your assets. Discuss additional asset protection strategies with your estate planning lawyer in Seminole.

Can an Estate Planning Lawyer in Seminole Help Me?

If you are facing estate planning challenges in New Port Richey, consider speaking with an experienced attorney. These legal professionals may be able to help you assess the various implications of a new relationship in old age. Next, they may help you review various strategies that can address potential issues with your estate plan. To learn more, contact Knudsen Law at your earliest convenience.

Sources: 

forbes.com/sites/traversmark/2023/10/30/3-insights-into-finding-love-later-in-life-from-a-psychologist/

fbi.gov/how-we-can-help-you/scams-and-safety/common-frauds-and-scams/romance-scams