The challenges that the Duke and Duchess of Sussex (Prince Harry and Meghan Markle) are facing around financial arrangements and family disputes are well known. But while they are a highly visible example, family disputes over money are more common than you think.
“One of the main causes of these disputes is often a lack of clarity, leaving room for assumptions, misconceptions and disagreements to creep in. One of the best ways to avoid future conflict is through financial planning,” says Granville Turner, Director at company formation specialists, Turner Little.
“By clarifying your financial arrangements – for yourself, your family and your business – everyone will know where they stand. And should things change in the future, there will be measures in place for the contingencies,” he adds.
There are several different ways to do this:
Vitally important yet surprisingly straight-forward, making a will is an excellent way of preventing future conflicts within families. Talking to experts can make the process of preparing a will quick and simple.
Trusts and Foundations
These offer a useful way to provide for your loved ones within clear parameters that you control. You can specify who gets what, at what age, under different situations. And you can appoint trustees who can look after the trust on your behalf, now and in the future.
The financial aspects of relationships, such as marriage, can also be a cause of conflict. Since everyone’s financial situation is unique, we can help you find a tailored solution that looks after your assets, whatever the future holds.
“No matter how you approach financial planning, the outcome is often the same; greater clarity breeds greater harmony. Spending a little time preparing now can save you a lot of time, money and conflict later,” says Granville.
To discuss your personal requirements and find a tailored solution, get in touch with us today.