A survey conducted by wealth management firm Quilter has found that nearly half of those surveyed (48 per cent) would be worried about how wealth would be shared among their children if their spouse remarried after a divorce or their partner passing away.
Portfolio Adviser shared the findings of the research, which also revealed that 75 per cent of parents in the UK want to control how their wealth is handed down to their children.
Rachel Griffin, tax and financial planning expert at the firm, told the news provider that the issue of children’s inheritance following a divorce is coming up more frequently.
“Complex families are increasingly the norm and with that has come a rise in the number of estate disputes ending up in court,” she explained.
One option is to use trusts to help safeguard a child’s inheritance. Although a government consultation described trust taxation as “outdated”, Ms Griffin stressed that it’s important for politicians to consider how trusts can fit into modern life and suggested that they may even be experiencing a “renaissance”.
Working with family solicitors in Surrey could be a good way to start to work out how best to safeguard your children’s inheritance if you are going through a divorce.
As well as exploring the options if you are going through a divorce, you should always make sure you have an up-to-date Will. Financial Planning Today recently reported on a survey by wealth manager Tilney, which found that 58 per cent of adults in the UK do not have a Will.