Are you planning a 'Golden Bachelor' wedding? Stop what you're doing - and plan this first.

By Alessandra Malito

Communication, transparency and preparation are crucial for all marriages, especially later in life

In sickness and in health, couples marrying later in life should focus on the part of the classic vows that say "til death do us part."

Although not always romantic, estate planning is a crucial component of any marriage, but especially those getting hitched in their 70s and beyond. By this point, individuals may have accumulated savings or possessions, or they may have raised a family, and have children and grandchildren. Getting down to the details of what happens to every asset after the nuptials will help keep wedding bliss alive, for the couple and possibly even those around them.

Later-in-life marriages are taking the spotlight this week. The first "Golden Bachelor," 72-year-old Gerry Turner, picked the woman he "can't live without" during the premier season of the latest addition to the Bachelor franchise. He and wife, Theresa Nist, 70, were married on live television on Jan. 4. A former contestant, Susan Noles, was the officiant at the wedding.

See: How Golden Bachelor came to an end: a golden rose and broken hearts

Failing to properly plan the parts of life that come after the wedding bells could spell disaster should the marriage not work, or one spouse dies.

"Being clear about your goals and objectives when it comes to your assets and building the correct plan to achieve your vision is very important in any relationship, but especially so in second marriages later in life," said Howard Pressman, a certified financial planner and partner at EBW Financial Planning. "Everyone will be happiest when everyone is on the same page and the plans are bulletproof."

Not everyone wants to include the adult children in the conversations, or share the decisions with them after those plans have been made, but it is an option to avoid any hard feelings after a loved one dies.

"Talk to kids about inheritance and what would be left to the new spouse and to them. At this point, kids who could be in their 50s are potentially considering potential inheritance toward their retirement plan," said Rob Schultz, a certified financial planner and certified divorce financial analyst at NWF Advisory. "They probably feel insecure now knowing that there is someone new in the picture. In addition, the spouse with less assets also may need reassurances that they will be taken care of."

Prenuptial agreements could also help keep assets acquired prior to the marriage in-line.

Ask yourselves what gift-giving pattern you've acquired over the years with your loved ones, and if that may change after the wedding, said Monica Dwyer, a certified financial planner and certified divorce financial analyst at Harvest Financial Advisors. Also discuss expectations of money, such as how to split assets before and after death. Find a budget or a financial product that works with those goals.

"How can you structure your financial house so that what you consider to be fair is enacted?" Dwyer said. "For example, let's say you have more in assets going into a relationship and you would like to make sure that your spouse is set up for his/her lifetime with an income stream from those assets, but you want the funds to go to your children after your spouse passes away, then you could create a trust outlining your wishes."

Be sure to check beneficiaries for all accounts, so that you can verify the spelling is correct, but also to avoid having the wrong person named. Beneficiary designations override wills and can avoid probate. Some assets may need to have spousal consent after marriage, said Brandon Gibson, a certified financial planner and wealth manager at Gibson Wealth Management, in which case account owners would need to get a new beneficiary form.

"You would hate to accidentally disinherit your children and grandchildren by not taking care of these details," he said.

The "Golden Bachelor" wedding aired on Jan. 4 on ABC (DIS).

-Alessandra Malito

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01-05-24 0920ET

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