Associate, Natasha Holme discusses the considerations trustees need to take into account when it comes to the modern family of today.
A "traditional family" has historically been thought to comprise a married cis-gender heterosexual couple and their biological children, born without assisted conception. Nowadays, there are increasingly more "modern families". Namely, those including:
- LGBTQI+ individuals;
- children born through surrogacy, IVF, and/or to unmarried parents;
- fostered or adopted children;
- co-habiting individuals; and
- multi-faith families.
The creation of trusts is a well-established form of estate planning for those seeking to settle wealth outside of their estate and provide for future generations. As trusts governed by the laws of England and Wales can exist for over a century, it is unsurprising that societal attitudes may change significantly over a trust's lifetime.
So, what problems might modern families pose for trustees? Read the full article here