Autumn is the time of change in many households, as youngsters take up their university places or move away to pursue fresh job opportunities after spending time working from home during the pandemic.
Proud that their children are becoming independent, with their futures ahead of them, empty nesters quickly discover that they need to adjust to a new daily routine, without chauffeuring to school and sports events, preparing lots of meals and hosting unexpected young visitors, regular tidying and checking equipment is turned off, as well as the daily big clothes wash!
For the first time in years, partners realise that, with all the pressures of their own jobs as well as managing the family, they have been too busy to fully communicate with each other, keeping pace with how they have developed as individuals, with fresh interests and work commitments, with little or no time for themselves.
So it is an opportunity to take stock, discuss their shared future and plan long term finances, bearing in mind that they are likely to continue supporting their children through university. Even in established relationships, such conversations rarely happen, but they are essential to confidence and security. As part of future planning, couples – and singles – should make a Will, which speeds up probate in the event of a death.
Recent research by Zoopla indicates that 68% of those who purchase a property with a partner have no legal measures in place to protect their interests in the event of a split, nor do they have any idea of each other’s earnings. Unfortunately, a growing number of older people do separate, but this doesn’t always result in a property sale.
Exploring the potential of Equity Release amongst the over-55’s provides an opportunity to fund a deposit for alternative accommodation for one party, whilst retaining the family home for the other, perhaps for a set period by agreement.
Premier Equity Release have trained, empathetic, advisers who can assist with solutions, guiding debate with the wider family to meet financial commitments in everyone’s best interests. Contact us today on 0808 1691979 and let us help you.