Love is blind?

Or maybe its sight isn’t as good as it was, it is slightly deaf or has forgotten where it put its car keys.

Love is certainly blind when it comes to age and I see lots of clients who are getting together in their 50s, 60s, 70s and beyond. But don’t be rash. It is important to balance the interests of all concerned as well as maximising the benefits and allowances available.

Here are some examples-
Talk openly with each other and your families. Do not ignore it. Whatever your children might say, they will be worried that things might turn out badly and that can put unnecessary stress on a relationship. If dad dies and everything goes to his new Wife, dad’s children will be justifiably peeved.
Over the brush or under the cosh? Should you marry or cohabit? It can make a huge difference for pension rights from private and state pensions. Some recognise cohabitation but many don’t and you might be throwing away a useful income for the survivor by refusing to tie the knot. Inheritance Tax allowances are easier and might be higher for one or the other if you are married.

Consider a cohabitation, pre-nuptial or post-nuptial agreement - living together and getting married can lead to unplanned financial consequences so work out your intentions now and get them down in writing.

Make a Will to provide a fair and flexible balance. For example, give your new partner the right to live in your house but protect its value for your family after their day or if they need care. Leave a fund to provide an income for their needs but keep the capital for your children.

Think about Trusts. These can be in your Will or you can use lifetime Trusts to wrap your assets up during your lifetime and if you are in good health, they can also help if you need long term care.

Look at property ownership- Joint assets pass to the survivor if you don’t declare a tenancy in common. But don’t think Tenancy in Common is all you need, you still need to make sure your Will is up to date. If you are married, your half share in your house is likely to pass to your spouse if you have not made a Will, however you hold the title.
Look at Pensions and life insurance- make sure you have nominated your partner as a potential dependant for your pension and look at life policies to make sure they go where you want them, in the most tax efficient way possible.

There is a lot to think about but get it out in the open and get it right and everyone will live happily ever after. For good advice, contact the team for your free appointment. 

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