Family Law and its connection to broader Estate Planning
By Jeremy Culshaw
The practice of Family Law is many respects are a subset of a wider area of Law being Estate Planning.
A common misconception is that Family Law and its application is only associated with relationship breakdown.
However Family Law can represent an important tool in Estate Planning space with particular reference to the transfer of intergenerational wealth.
One of the issues regularly faced by both the Baby Boomer and X generation parents is a perceived uncertainty in transferring wealth to their married children in “intact” relationships and the fear as to what will become of that wealth if the relationship does break down.
The use of loans, whether secured or unsecured, can be fraught with some danger as those loans can either be set aside or ignored by the Family Court.
The only “secure” way to protect the transferred wealth in this context is in the basis of the parties to the relationship and the parents entering to a Financial Agreement that has the legal effect of confirming that certain things will happen to that transferred wealth in the event of a relationship breakdown.
Culshaw Miller Badenoch Lawyers have expertise and experience in the broader Family Law aspects of Estate Planning – please do not hesitate to contact either Rebecca Badenoch or Jeremy Culshaw to discuss any issues further.