Relationships Later In Life
- AuthorMary McEvoy
Many of us are entering into new relationships when we reach our senior years. By then we may have a family – our own children and grandchildren and other long-established and important relationships. As we enter into a new phase in our life, we wish to protect established relationships whilst recognising important new relationships. Our new partner will also bring an emotional and familial history to the relationship. We hope these new relationships will remain strong for the rest of our lives.
Planning for those new relationships whilst meeting the needs and expectations of our existing families can seem complicated. Typically clients approach us to ask the following questions:
- I want to ensure my children and grandchildren inherit the assets which their father/mother and I built up together. Will my new partner and his/her children have a claim on those assets?
- I am relatively impecunious; my new partner is relatively wealthy. If I enter into this new relationship and my partner predeceases me, will I have a secure home?
- I have met somebody I want to live with. I believe I have a life expectancy of fifteen years. My partner is a lot younger than I am. I want to provide for my children by my first marriage. If I predecease my new partner will she/he have a claim against my estate as my dependant? How can I manage that situation?
- My new partner and I do not intend to marry but we will cohabit. What are our respective interests in our partner’s pension and assets in the event of a death?
These are typical of questions which we are frequently asked to help clients consider. In our Family and Private Client Departments at Neves we work together to help our clients move on with their lives whilst properly providing for their children and grandchildren and securing their own future arrangements. Typically we address these situations by advising on appropriate trusts, pre-nuptial agreements, cohabitation agreements and wills. If you know anyone who is facing these issues and would like to talk through them why not let them know about our service?