MacNairs + Wilson

5 minutes reading time (1011 words)

Your Family & Money

It is important for families to plan. Having sound legal preparations in place well in advance helps to bring families together. Families are really important, not only do they play important roles in communities but also within society in general. Good cohesion and security within families in turn helps to promote good cohesion and security within society.

Family businesses play an important role within Scotland’s economy. Taking the UK as a whole, family ran companies employ twelve million people. The bonds and trust between family members in these businesses helps to contribute towards the success of the business and family. The success of any family begins with good cohesion at home. Making the right legal preparations well ahead of time helps to achieve this. To discuss family law and legal planning with our expert team, contact us today.

Family Law, Making a Will, Power of Attorney, Executor, Trusts, Families and Legal Planning.

Money and Marriage

Planning for the future and for unforeseen eventualities is important for couples and families. Having security and planning for what is ahead helps to alleviate stress and concern about the future. Secure financial and legal planning helps to provide peace of mind.

Post the financial crash of 2008, the number of divorces and actions for divorces rose dramatically in Scotland and within the United Kingdom. The vast majority of these separations were due to financial stress and worry within a relationship. Financial stresses and worries at home can pull couples apart.

Additionally, work related stresses can overrun into the home and family life. It is no surprise that money is cited as one of the most common area of conflict among couples. Whether or not it’s money specifically or an area money can affect, there is no doubt of money’s influence upon families, relationships and home life.

The recent down turn in the oil industry in the North Sea off the coast of Aberdeen has had a great impact upon the area. Since late 2014, nearly one hundred thousand people have lost their jobs in the oil industry and its supply chain. Unless couples have savings or assets, after a job loss a lot of relationships are only a few months away from a tight spot.

There are many things families and even family businesses can do from the outset to help plan against uncertainties. From the beginning families can live within their means, doing their best to budget and consider the long term perspective. Open lines of communication and open conversations about money helps to clear the air of any concerns that may exist. Managing expectations about the present time and the future also helps to stabilise relationships.

Putting money aside for a rainy day is as difficult for a family ran business as it is for any couple. However, by doing so, the short term sacrifice will always pay dividends further down the line. Developing personal savings accounts and setting up saving accounts for children is a good start. When earning availing of appropriate tax planning is always important. Investing in property and assets such as houses or purchasing shares in a company is another sure way of developing financial security during the good times.

Death and Family

Death within a family can also bring pressure and strains to relationships. Taking the appropriate measures and planning helps to minimise stress. Gaining peace of mind against any eventuality helps to achieve cohesion within a family. There are numerous benefits of parents and loved ones making a secure and thought through will ahead of time.

Knowing what will happen to a loved one’s belonging s both sentimental and financial in value ensures clarity and brings families together. A will cancels any doubts or uncertainties about inheritance during the stressful time following a death within a family.

Executors

If someone in the family is named as an executor on a loved one’s will, they have the responsibility of winding up their affairs after their death. The obligations and demands of an executor are extensive. Some one hundred thousand family businesses pass ownership every year in the United Kingdom. If a loved one has passed and left complicated business assets it can be tricky sorting through it all. Research from executors Insurance, a company that sells policies to protect executors against legal liability suggests millions of executors have accepted the role of executor without fully understanding the legal and financial liabilities they could face. After a death in the family, a family member can save themselves the added grief of responsibility of winding up someone’s estate by passing this responsibility to an expert. It is best to be guided through the process or pass on the responsibility entirely to an experienced solicitor.

 Power of Attorney and Trusts

Similarly it’s good for families to discuss and consider power of attorney agreements. Like making a will, establishing a power of attorney is an investment in reassurance. It provides peace of mind and encourages trust and care within families.

Establishing a trust for an elderly parent is very beneficial for inheritance tax purposes. Creating a trust means when it comes to it, a parent is spending less of their own money on expensive care home costs later in life. Taking the necessary legal precautions and planning proactively not only saves money down the line, but it also brings families together.

Why think ahead?

Thinking ahead shows thoughtfulness and care both in relation to a family business setting and a family home setting. Putting the appropriate legal measures in place contributes towards peace of mind, cohesion and security within families. Taking such measures in themselves can be considered well beyond money as invaluable.

Contact Us Today

We at MacNairs + Wilson have seen first hand the positive impact timely and relevant legal advice can have on a family. Family legal planning is never fully complete. It’s always good to prepare for and invest in the future. Come in to see us and see what we can do to help or contact us on 0141 887 5181 or complete our online enquiry form.

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