Modern Family Matters
In today’s world, we’re living longer, getting married later and we’re not afraid to divorce if things don’t work out. Our family lives are more diverse, complex and blended – and sometimes span three or four generations. Second marriages, same-sex marriages and people choosing to not get married at all are all becoming more common, and potentially more complex.
Choice is a wonderful thing, and successful people running businesses are more empowered than ever before when it comes to managing family life – but does that really make planning our finances, protecting our families and managing our assets easier?
The Blake Morgan Life Stages series present a variety of reports that examine the life stages of successful individuals, business leaders and entrepreneurs. Earlier this year, we carried out research into the challenges faced by successful business owners in the UK. The findings of our first report 'Modern Family Matters' show that while family has never mattered more, understanding how to plan and manage family has never been more complicated.
Our research findings include:
- Marriage, Cohabitation and Divorce - The meeting of two minds in a marriage or civil partnership is always something to be celebrated – but it’s increasingly a meeting of two sets of assets, dependents and responsibilities too. And while you never want to anticipate a relationship breakdown, it can happen. As our research shows, almost 14% of people say their greatest concern is the toll work has on relationships at home. This poses some tough questions that need answers, but having a plan in place for any eventuality can alleviate worry and family politics.
- Bricks and Mortar - Property has long been seen as a nest egg for retirement and passing on wealth to the future generations, and the results of our survey suggest this is unlikely to change – even among younger audiences. According to our research, for almost 22% of those aged between 25–34, having a successful, well-managed property portfolio is their main priority for the future.
- Caring for Children and Parents - The twin preoccupations of looking after children and elderly relatives can put a strain on those sandwiched in the middle and – as our research shows – 35% of those surveyed are thinking about the best way to care for their dependents. To complicate matters further, family units are becoming more fluid, families increasingly have to contend with cross-border custodial issues, or becoming parents by other methods, such as adoption and surrogacy.
- Mental Capacity - One of the biggest uncertainties in life is health. The loss of capacity can be cruel, but according to Cancer Research UK, 50% of those born after 1960 will be diagnosed with some form of cancer, and the Alzheimer’s Society estimate there will be two million people affected by dementia in the UK by 2051. Even our research shows that 20% of those aged between 24–35 are having to prioritise looking after ill parents. As a result, putting a plan in place for now can help family members ensure their loved one’s wishes are being carried out and properly spoken for.
To read the full results of our survey and hear from our legal experts on how we can help you simplify modern family matters, download our free report here.
Why work with us?
Blake Morgan offers a wide range of traditional private client services, including niche offerings that include succession planning, wealth preservation, cross-border and UK/US tax planning, high value residential and leasehold enfranchisement, driver defence and dispute resolution. Our private law team has considerable experience in advising high net-worth individuals, entrepreneurs, owners of estates, and families that require advice on succession and tax, residential property or sensitive family issues.
Our legal experts understand the challenges of modern family life and that for many of our clients their business and personal affairs overlap. As a full service law firm we are able to support you on every aspect of your 'life stage' whether you are starting a family and setting up a business or looking to sell, protect your assets and make plans for retirement. We develop lifetime relationships with our clients providing relevant, realistic legal solutions that help them navigate the complexities of today's world.