A recent report shows that a third of parents are reluctant to leave money to their children in case they get divorced and the other spouse benefits from it. One in four parents is not confident that the marriage will last.
Gifts or inheritances are common issues in divorce proceedings nowadays and it is rare that any steps or forward planning have been taken to preserve the assets or to “ring fence” them from any trouble. Protection is available – for example by way of a trust deed or legal charge on a property but these cannot be backdated. Pre-nuptial agreements are another way in which protection can be offered, enabling families to gift or leave assets to children by will without the risk that they would fall into the “wrong” hands.
For further information please contact a member of our Private Client team on 01625 442100.