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PROTECTING THE FINANCIAL SUPPORT YOU GIVE YOUR FAMILY

Helping your children financially, whether to get a foot on the property ladder or with some of life’s other expenses, is one of the joys, and increasingly, one of the roles of a parent. But what happens to your gift if their relationship breaks down? Did you know that without proper protection in place, your generous financial support could end up benefitting your ex-daughter or son-in-law, or even their new partners? The good news is, it doesn’t cost much, or take long, to legally protect your gift or loan. A declaration of trust, or a pre- or post-nuptial agreement, will help to ensure your money is either returned to you, to use again to help your children, or ringfenced to stay with the intended recipient. DECLARATION OF TRUST An ideal solution when your money is helping an unmarried couple. A declaration of trust outlines what should happen to your gift or loan should the recipient separate from their partner. For instance, it could specify that any money you lend for a house deposit be returned to you when the house is sold. By getting your money back, you’ll be able to give your child much-needed support when they’re looking for their new home. PRE- OR POST-NUPTIAL AGREEMENT When a couple marry with unequal assets, or with financial input from a parent or grandparent, a well-executed pre- or post-nuptial agreement can be the best solution. It can also give a sense of security to both you and the recipient, that the support will remain with the person intended. Contact our Family Law lawyers to see how we can help to protect your financial gifts and loans. Horsey Lightly, your helpful approachable solicitors. Visit www.horseylightly.com or call us on 01635 580858.