It’s natural for parents to want the best for their children, so in an uncertain world what steps can you take to organise your affairs and give them the best chance in life. Clare Young from BPE Solicitors discusses protection, planning and preparation for your family
Even without the recent political upheaval, many parents find themselves wondering what the future will hold and considering how best to plan and safeguard their ability to fund the education of their children –whether that is simply ensuring there is sufficient in savings for school trips, books and extra-curricular activities, or covering private school fees, private tutors and university tuition fees. With the Independent Schools Council census recently reporting that the average term fees for private schools are almost £5,000 per child, private education is not something to be considered lightly.
The planning and protection of assets is key. Whatever your situation of your plans for the future, it is always prudent to turn to the experts to ensure every avenue is investigated to make the most of what you earn, own and even inherit.
And if you run your own business, it’s particularly important to align your commercial affairs with your personal priorities, ensuring that the balance between your business and your private needs are met.
Looking after the next generation
Because we are experts in both business and personal legal matters, we can ensure that there is a legal framework for the financial security of your family, protecting and providing for the next generation, whatever happens. We understand the complex relationship between your personal and business worlds, and that the two can never be totally separate. By working in conjunction with your accountant and financial adviser, we can ensure that your business works for you and your family, as much as you work for your business.
Private education and university can be expensive, but by planning ahead, costs and fees needn’t come as a shock. Indeed, with your lawyers, accountants and financial advisers working together, we can help manage your business and private affairs together, balancing the demands on your income and assets to protect the best interests of all concerned, giving you peace of mind.
Take care of yourself
When children are young there’s plenty to occupy our minds and wallets, and considering older age can seem like a distant concern for some future date. But by balancing your affairs and ensuring you are adequately protected for your future, as well as investing in your children’s future, you’ll be better placed to deal with the twilight years when they come.
Engaging with expert legal advice from the outset, means you can rest assured that all things have been considered and the interests of all parties will be looked after in any eventuality.
Proper planning…
BPE’s private client team can help you manage your affairs, and put contingency plans in place. No matter how well you plan, there may be an unexpected bump in the road. Relationships may break up, illness and accidents can happen and in those circumstances, you want to be sure that your children are well looked after and that their financial future is both protected and managed.
Inherited large sums of money can be potentially damaging, so trusts and other fund management vehicles could be considered in case you are not around to advise and watch over your children’s future.
Our advice? Act now to protect the dreams and ambitions of your children, put your trust in experts and let us guide you through the process of protection so that no matter what, those that you care about are comfortable and their futures are protected.
