45 – 60
The period of your life between 46 and 60 can be a time of great change. Moving up the property ladder as thoughts start turning towards retirement and the nest egg you are warming, with children growing up and grandchildren arriving on the scene; all these aspects can impact greatly on the future of your estate.
Life also has a habit of developing unexpected twists and turns along the way which must always be accounted for in a will. Divorce, second marriages, stepchildren, inheriting from older relatives and changes in your own financial circumstances are all common during this period of life and each warrants a review of your will.
While divorce rates slowed in the wake of the economic crisis that gripped the world in 2008, recent statistics show that untying the knot is on the rise again. Put simply, if you divorce you must change your will, especially when children are involved. If you remarry, consider the use of trusts in your will which can enable your new spouse or civil partner to occupy property for the remainder of his/her life with the estate then passing to your children upon your new spouse’s or civil partner’s death. Such trusts are commonly known as life interest trusts and are used to ensure your assets and possession can benefit both your new spouse or civil partner and children from a previous marriage. They offer a degree of control and flexibility. Trusts can also protect the family wealth against care home fees, incapacity, bankruptcy and spendthrift beneficiaries. Trusts also protect disabled beneficiaries or those too young to manage money themselves.
Many individuals also become serious about financial planning in their forties and early fifties. This period can be a pivotal point for retirement and tax planning. Do you own your own family business? If so, bespoke advice is a necessity when it comes to making or updating your will.
For anything further, one of our specialists would be delighted to meet you either in our office or in your own home to talk through your requirements and answer any questions. Please contact us at any time.