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Tips for Cohabiting Seniors

Legal and Financial To Do List for Cohabiting Seniors

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Photo: Digital Vision / Getty Images
Photo: Digital Vision / Getty Images

Here are some tips for seniors who are living together.

Tips for Cohabiting Seniors

  • Update your wills.
  • Assure your children and grandchildren that their inheritance will not be compromised by your new relationship.
  • Do not combine your assets. Keep your bank accounts, brokerage accounts, etc., separate.
  • Consider maintaining two separate households from both practical and legal perspectives.
  • You should both consider long-term care insurance.
  • Make sure your estate planning is up to date and that the interests of your children and grandchildren are protected.
  • Put your health care wishes in writing and discuss them with your children.
  • Sign a cohabitation agreement.

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