Having children can be a joyous occasion which all parents look forward to even if it was a shock at the beginning. Once you have met your little one you want to ensure that their future is secure and they have everything that they need.
You may assume that all parents survive to watch their little ones grow but it is a sad fact of life that there are a percentage of parents who die before their children reach majority (18). Despite all the modern advances in medicine there are still mothers who die in childbirth through unexpected complications. It is therefore never too early to make provision for your children.
Having a Will that nominates Guardians ensures that someone you trust is going to look after their finances until such time as they are able to accept their inheritance. In addition to setting guidelines for Trustees regarding how they are to deal with the trust fund and distribute it in accordance with your wishes, you can determine at what age your children are to inherit.
Life does not always run smoothly. Your children may start out as the apple of your eye but for whatever reason they could become a concern. Simply leaving them everything you have when you die may be an unsatisfactory outcome. Having children with either their own difficulties or disabilities means that the provision you make for them may need to be more structured.
We can assist you by discussing the various options, such as a Disability Trust or a Discretionary Trust, which can manage the funds on behalf of your child ensuring that they receive all they require without the responsibility of looking after the funds themselves.
There are those who may struggle to cope with receiving a large sum of money. For example, those with substance abuse issues or financial difficulties could end up in an even worse position, should they be allowed to receive a large inheritance all at once.
If you are lucky, you may be blessed with grandchildren. In recent times, with the ever increasing obstacles for young people in both the workplace and on the housing ladder, you may feel that it would be more beneficial for your family unit to skip a generation.
You have the option to 'leapfrog' your children and enable your grandchildren to take advantage of an early inheritance on your death, instead of the usual course of events of waiting for their own parents to die as well.
Our Consultants can talk though your options. You simply need to explain to us what you would like to happen and we can confirm the best way of meeting your requirements.
Our team of trained Consultants can talk you through the issues and help you find the right solution for your needs.
Get your free information pack today, or contact us for more information.