Why Life Planning Now Can Save You Stress Later: A Legal Guide
As we approach the end of one year and the start of another, the new year could be the perfect opportunity to plan for what 2025 may have in store.
Whether that’s plans for a new car, a new job or even a new relationship, isn’t it strange that it’s so often a change of the year that prompts us to plan, review and reflect upon our life choices rather than a change in our circumstances?
Although it’s good to take time to reflect and plan for our lives at any time, there are certain life events where such planning is all the more important but when, unfortunately, the opportunity to protect our future is so often missed.
Whether that’s because planning for these things can make for difficult conversations or because we don’t think it will apply or happen to us, failing to make plans in advance and properly record those plans can make things more complicated, expensive and stressful to unravel in the future.
We wouldn’t embark on a new business without a fully considered business plan in place so perhaps it’s time to make similar plans in respect of our personal lives?”
Recognising when and how to make the plans is a great starting point.
Moving in with a partner
Moving in with a partner is such an exciting time in any relationship, but it can bring with it a whole host of issues that should be addressed.
Sometimes, both partners make similar financial contributions, whilst other times, one will pay the lion’s share.
Not infrequently a parent will be helping with the payment of the deposit, sometimes as a gift to their child, sometimes as a gift to both partners and sometimes as a loan.
Declarations of Trust, loan agreements, and cohabitation agreements may need to be prepared to protect each person’s interest in the property and record that everyone involved has the same formal understanding.
It’s important to seek legal advice at this stage to ensure that the correct documents are put in place to ensure that you properly record everyone’s interest in the event of a future dispute.
Marriage
There’s still a common misconception that pre-nuptial agreements ‘aren’t worth the paper they are written on’.
It’s true that there are a number of formalities that should be complied with and that there are times when the agreement may not be followed but, where one partner has assets that they wish to protect in the event of a marriage breakdown, a prenuptial agreement should be executed.
Separation and divorce
Dividing assets on separation can be complicated, but it does not have to be acrimonious.
Separating couples are not infrequently able to agree on how their assets should be shared and, therefore, don’t see the need to seek legal advice.
However, it’s extremely important to ensure that the court prepares and approves the correct documentation, even when an agreement has been reached.
Without that formal documentation, future financial claims will not be dismissed, and potentially, those claims could be resurrected many years into the future.
Wills & Lasting Powers of Attorney
Both wills and Lasting Powers of Attorney are extremely important at all times in our adult lives.
After all, we don’t know what’s around the corner and when they will be needed.
These should be reviewed regularly and, in particular, at times when our wishes may change, such as moving in with a partner, marriage or separation.
How can Bennett Griffin help?
At Bennett Griffin, we provide expert legal guidance and compassionate support at all stages of your relationships, whether at the start when you decide to live together or at the end of a separation.
If you or a loved one feel that you would benefit from advice regarding life planning, our family team at Bennett Griffin is here to offer the dedicated support and legal expertise that you need.
Contact our Worthing office by calling 01903 229999 or our Chicehser office on 01243 256370.
Alternatively, you can email info@bennett-griffin.co.uk.