Getting your children into the right independent school is one of the key milestones in their life as well as your own. It is the beginning of a whole new chapter and one that you will want to secure for them whatever happens. Whilst no one wants to think about the future in anything but positive terms, planning for the unexpected is an important part of making sure all the hard work already invested by both you and your children is safeguarded.
Now is the ideal opportunity to review your Wills to make sure you are still happy with the named executors and guardians and that you have been clear about how you want your estate managed so that your children’s education and future is secure.
As part of this exercise, you will need to ensure that you have adequate life cover in place to make these funds available to cover school fees and expenses.
Equally you will want to minimise the impact of any inheritance tax and use trusts to safeguard your wealth. These should be regularly reviewed to ensure you have the right type of Trust to suit your circumstances and secure your children’s future.
Whilst no one wants to contemplate the ending of a marriage or civil partnership, minimising the impact on any children and protecting them as far as possible from destabilising events is rightly a top priority. Providing for the payment of ongoing school fees is an important factor to consider and prioritise in your financial planning following a separation. The court has the power to make specific provision for school fees so that your children’s future is as secure as possible and there is minimal disruption to their lives and education.
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.