A 77-year-old independent woman entered a relationship three years ago with a wealthy man who is 70. The woman owns her own home and has adequate retirement income but isn't as rich as her partner. Although they are in good health and are committed to each other, financial concerns remain because they don't share the same opinion on marriage. The man plans to pass on his estate to his boys, who are both millionaires and don't require the money. The sons are also against their dad committing to any relationship, given his two failed marriages, one of which almost drained him financially. The woman clarified she wasn't interested in his estate but wanted to live their lives comfortably by caring for each other financially when required. She wonders what will happen if he passes before her, as she is not named in his will. In a note to Business Insider, she said she won't be left with anything. The woman sought answers to questions like how she could raise the topic of building a trust fund in her name or adding herself to his will.
Three Years Of Relationship Isn't A Long Time
The woman isn't interested in her partner's estate but wants a portion when he passes. The boys' concerns about their dad getting married again also can't be invalidated, as they have seen him lose financially in previous relationships. The woman has a happy relationship, which is priceless in old age, alongside probable income from Social Security and her lifetime savings. It is bold for her to ask her partner of three years to be included in his will or establish a trust fund in her name, but it won't be surprising if she receives a disappointing answer because dating for three years might not be a long time to make requests of such magnitude. Approaching the matter can have separate consequences, such as the sons discovering these plans and doubling down on locking up their father's estate. If she asks anyway, being straightforward about the situation while attempting to be of service to each other can provide an answer without collateral damage. For instance, they can discuss setting up trust funds and leaving each other their assets like homes and cash equivalents.
Trust funds, especially irrevocable trusts, protect assets from legal claims and ensure the funds reach the beneficiaries on time. A trust fund also ensures assets are used for the intended purpose, like paying for children's college education or a senior's long-term health costs not covered by Medicare. While creditors or individuals can challenge wills, they can't claim assets held in a trust. Irrevocable trusts also don't allow changing terms after they are fixed, even if you fund the trust.
Dating In Your 70s Doesn't Have To Mean Parting With Estate
The woman requests financial stability from her rich partner despite already achieving financial independence before meeting him. He isn't liable to provide for her even if she isn't independent. Hence, a request like this can only make sense when the woman offers the same financial commitments she seeks from the 70-year-old partner. She can begin by asking about his partner's plans for financial power of attorney and nominate his sons for this role. In any case, the woman should also address her financial insecurities by consulting with a fiduciary financial advisor to sort out her budget and investments. Signs that the wealthy partner doesn't want to marry and commingle assets with her could mean he isn't looking to support a partner financially or doesn't feel he is required to part with money to show how much he cares for her.
A Business Insider expert opined that the 77-year-old woman could have got used to the wealthy man's rich lifestyle, which could be a possible reason why she feels entitled to a part of his estate despite having enough of her own money to live on. Overall, the man isn't inclined to enter a legally binding contract through marriage because people and circumstances change, which has already impacted him in his working years. The woman can go ahead and ask for his estate but can also avoid muddying the water in their ages and enjoy the time together.
