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Death, taxes – you know the rest. You need to consider what happens once you’ve gone – what happens to the money, the house, the kids – and how on earth do we broach those topics as parents and children?
Many of us are inherently bad at opening up about what might or should happen to our money after we’ve gone. All too often this is a conversation we don’t have with our loved ones. This instinctively comes about because in our minds we’ve told ourselves that the more we think about these things, the more likely it is that the worst will happen sooner.
The ever-changing and wide landscape of wide and varying relationships, blended families and so on, means that even more control and a sense of pre-planning is required over what should happen to your hard-earned wealth once you’re gone. The only way to achieve this is to talk it through, and the sooner the better.
By way of example, what about the daughter that was given money to help her get onto the property ladder? She also moved in with someone she’d only known for a few months – was this a bit soon / do they intend to marry / what happens next?
What about that sum of money passed to the stepson to help him with a place to live – was that given to him, or was it a loan which you expect back? If so, have you taken the relevant precautions and put something in writing? All of these things are crucial to consider when planning for the future.
Grief and money far too easily rip families apart, creating emotional rifts and causing emotional distress. In addition, the sums involved if the worst happens are growing ever-larger, due in part to young people buying ever-more expensive houses. Communication is key – without overcoming that first hurdle, one cannot hope to protect not only the children’s futures, but future generations’ lives as well.
Keep things simple: communicate and plan, make a list, talk it through, not just with a spouse or partner, but with the kids too – it’ll provide peace of mind and a huge sense of relief. After all, there’s nothing to suggest that death or taxes will ever be a thing of the past – as much as we might like them to be!
Living Together Agreements, Pre-Nups, Post-Nups, Wills, Loan Agreements, Lasting Powers of Attorney are all in the mix to consider when planning for the future. If you’ve got any queries at all don’t hesitate to pick up the phone and speak to one of our team. It doesn’t cost anything to have a chat so we can point you in the right direction.
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Please note this article is provided for general information purposes only to clients and friends of Atkins Dellow LLP. It is not intended to impart legal advice on any matter. Specialist advice should be taken in relation to specific circumstances. Whilst we endeavour to ensure that the information in this article is correct, no warranty, express or implied, is given as to its accuracy, and Atkins Dellow LLP does not accept any liability for error or omission.
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