Friday, September 01, 2006

The death of the Nuclear family

This is a scenario that is going to become more and more common as the "nuclear" family of 2 parents and 2.2 children continues to decline. There are more and more families where there are children from different relationships. This can cause all sorts of financial problems if the families do not sort out their Wills.
Here is an example of good planning to ensure that children are looked after once you are gone.
the situation is:-
Married couple of 26 years. They have a grown up daughter and the father has an illegitimate son aged 11. The father is in a very well paid job and pays £500 a month maintenance on an informal basis (i.e. not through the courts or the dreaded CSA). In his Will we have set up a trust fund that will buy an annuity which will continue to pay the maintanance on a monthly basis until the child is 18.
This ensures that the child is taken care of. It keeps the courts out of the process therefore mitigating a lot of heartache and undue expense both for the child's mother and the fathers wife and family.
If you have a similar problem to this we can offer free advice just call 0161 480 4441


Anonymous said...

It is so important to have a good lawyer when putting your will together. The lawyer will help guide you in making the right decisions for your family, especially since laws are constantly changing.

For more information, visit Free Living Wills

ShoreDave said...

Your will should be tax efficient, and it should also name an executer to ensure the application of the will is handled properly. Your will needs to have a few basic considerations and will need the supervision of an attorney to make it legit. A traditional will should only include the the items or high value or personal importance; things that are low valued or that can be considered petty should not be placed in the will.