“I am a single parent and have an adult daughter who is thinking of getting married in the next two years. I would like to draw up a will and protect my assets in case my daughter goes through a divorce. I would like everything to stay in the family, going to my daughter and then her children. What kind of trust or will enables me to do this?”
This was a question asked to the FT and answered by professional advisers who suggested setting up a trust.
But with these columns, it’s more about what is not said. Should the mother discuss her wishes with her daughter? What if her daughter disagreed with her mother’s plans? Has the cost of maintaining the trust on death been discussed? How do you balance the what if costs v real costs? The daughter ‘may’ get divorced, but managing and investing trust assets have real costs.
At present, the daughter is not even married yet, so is the mother worrying prematurely?
With many estate planning and succession issues, the key focus is good intelligent thinking. Whilst its better that a Will is in place, it is equally if not more important to have clarity about wishes. Discussion about wishes can take time. We have seen many people who have an idea in their heads they want to be solved, yet when challenged they unearth a different, often more important problem that needs addressing. But you need to accept being told some things you don’t want to hear which can be uncomfortable, but you get the right answer.