A recent article in the Sunday Times highlighted some of the very real problems that can arise over inheritances and family wealth as the number of “blended” families rises. 

If you enter a second relationship or have children from multiple relationships, then issues can arise as to how to benefit everyone on your death.  This is even more of an issue where you have stepchildren involved or co-habiting couples.  It is not often appreciated that re-marrying will invalidate a previous will, which can lead to unforeseen problems and potentially expensive litigation at a later date. 

Not doing anything to address these problems, and relying on things to be sorted out after your death, is not really a solution, as the statutory intestacy rules that apply when someone dies without leaving a will can be arbitrary and will not necessarily take into account different family circumstances. For example, an unmarried partner or a stepchild who has not been adopted cannot benefit under the intestacy rules.

With this in mind, the key to ensuring that your wishes are followed and that the people you wish to inherit do eventually benefit, is to ensure that you have a properly drafted will drawn up and that it is kept under regular review.  Proper planning is the key to ensuring that wider family circumstances can be taken into account and a way of benefiting everyone found. 

Colman Coyle has considerable experience in advising in relation to lifetime succession planning and the preparation of wills. If you would like to discuss the issues raised here, please contact Patrick Green on +44 (0)207 354 3000 or Patrick.green@colmancoyle.com.

Patrick Green

Senior Associate

There has been considerable publicity recently regarding the very real difficulties many families are having in accessing child trust funds, where the child turns 18 but is unable to make decisions for themselves. 

Once a child turns 18, legally they become an adult and have the responsibility to make their own decisions.  As a consequence, no one else has the right to make decisions for them.  This includes parents. 

The Office of the Public Guardian has now issued an information pack to help parents and carers make financial decisions for young people.  Often the only option is for an application to be made to the Court of Protection for a parent or other family member to be appointed as a deputy so as to manage the young person’s finances on a long-term basis. However, the process of applying for a deputyship can take a long time and involved legal and Court fees.

Colman Coyle has considerable experience in advising in relation to these issues, preparation of powers of attorney and Court of Protection applications. If you would like to discuss the issues raised here, please contact Patrick Green on +44 (0)207 354 3000 or Patrick.green@colmancoyle.com.

Patrick Green

Senior Associate