Children

If both of you die leaving children under 18 it is important you have both made Wills including expressing your wishes in relation to the appointment of Guardians and making trust provisions for your children. You should make arrangements covering all your assets including those held jointly with each other. It is common for couples in a Will to leave everything to each other but having the Wills also specify that in the event of both deaths leaving children under 18 equal and separate trusts are created for each child. This makes the selection of executors and trustees an important decision. The trusts can be wound up when children reach 18 or at a later age. There can be Inheritance Tax implications of keeping the trusts operative beyond 18 to say 21 or 25. If you do not have children at present you should be aware it will be advisable to contact us in the future if children are conceived as you ought to reconsider your Will provisions in this event.