How to take practical steps to protect your child and grandchildren
When your adult child tells you they are getting divorced, it can be a very difficult time. You have to come to terms with the end of a relationship that you yourself may have emotionally invested in.
You will also want to help your child and protect your grandchildren in any way that you can.
But before you leap in with offers of financial and practical assistance, there are a few steps that you should take straight away to secure your family’s future:
Update your Will and/or Estate Plan
Up until the point that your child is actually divorced, their soon-to-be-ex spouse can still make a claim on any inheritance they receive (should anything happen to you before that point).
Some divorces can take years to go through, particularly when there are children involved, so if you want to protect your estate for your child and/or grandchildren, then take steps now and speak to a Will Writing expert.
Also keep in mind that any Lifetime Gifts you make to your child prior to the divorce becoming absolute may also be swallowed in a divorce settlement (see our recent article on Gifting and Trusts).
As you may be very concerned about your access rights as a grandparent – particularly if your child is not the primary caregiver to your grandchildren – it is best to make these plans privately and not to raise them as an issue for the divorce negotiations.
Think about trusts
A simple will may not be enough to protect your child’s or grandchildren’s inheritance.
Talking to a legal expert, such as the Will Writers and Estate Planners at Just Wills and Legal Services, can help to clarify what kind of a trust is most suitable for your individual circumstances (and wishes).
Not only can you protect your family, but you can also plan for Inheritance Tax, the care of pets, disposal of property or assets abroad, and planning for the continuance of your company if you are a business owner.
If you’d like to book a free consultation with one of our legal experts across the UK, book online or call 01342 477 102 and quote ‘Adult Child Divorcing‘.
This article is for general information only and does not constitute legal advice. You should not rely on this information to make (or refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation.