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Families and Step-Families – how to make the money go round.

We see a lot of families planning for their future generations but having this somewhat complicated by previous divorces. It’s easy to imagine the situation where there are children from a previous marriage and children in the current family environment.

Making sure there is fair provision for every child can be difficult. Do you give more money to the ones that need more help? Or should you share the money equally? Do you share any eventual gifts between your step-children or just look after your own?

These are all personal questions to consider, but from a legal and financial perspective, without knowing the answers to the personal questions it’s difficult to lay down set plans.

What is certain is that there must be a suitable Will in place and a solicitor with good experience of dealing in Family Law will be able to help and advise on the matter.

Once you have a Will in place that you feel comfortable with, it’s important to advise the Executor of where the Will is kept. The Will really isn’t of much use if nobody knows of its existence.

Now feeling all grown up and ‘sorted’ from a legal perspective, it’s also important to make sure you have your views clear from a financial perspective. How do you fund your children’s lifestyle now and young adult life, e.g. University expenses, property deposits etc. and in what proportions? This sort of thing is very firmly decided in the case of a divorce for example, but in normal family life, where there may not have been a divorce, the considerations exist nevertheless.

Again it’s important to start with your own personal opinions. If you know what seems right and fair to you on a personal level then it becomes much easier to determine what should be done in reality.

I would suggest thinking about how much you’d like to give, when and to whom. If you can agree this with your partner then the implementation becomes far easier. Also, regardless of how old your children are, the earlier you talk about these things the better it will be for you, because the longer they will have to grow and come to fruition.

 

For more information on this subject, please contact Jaskarn Pawar on 01604 211234 or email on me@investorprofile.co.uk

 

 

Blog by Jaskarn Pawar

Jaskarn Pawar is an experienced and award winning Chartered and Certified Financial Planner. He advises people all over the UK on financial planning and wealth management issues to help them reach solutions to fit their personal needs. You can contact Jaskarn on 01604 211234 or by e-mail on jaskarn@investorprofile.co.uk