Writing Family Wills
Family Wills, one of the trigger points to writing your will is starting a family, it’s not just to make sure that your husband or wife or partner is adequately provided for in the event of your death, although that’s a very important consideration, but, once you’ve started a family, you also need to make sure that your new children are provided for too.
Guardians
Providing for your children doesn’t necessarily mean that you have insurance on your life and you’ve written a will to make sure that your assets and investments go to the right people, but also, your Will is the only way that you can nominate Guardians for your children so that their upbringing is secured if you die before they reach the age of 18.
Trusts
When you use our online forms for your wills and input Guardians then we automatically build your children’s inheritance in to a Trust that keeps their inheritance available to them whilst ensuring that the nominated Guardians are able to draw from their Trust, at the discretion of the Trustees, if they need any additional money to bring up your children or educate them etc.
Once the children reach the age of 18, they inherit what ever is left out of the trust. (You can specify any age between 18 and 25 for them to inherit but there is 0.6% tax to pay for every year over the age of 18 that they inherit e.g. at 21 there would be 1.8% tax to pay on the Trust)
This type of Trust is built into our Online Wills at no extra charge, it’s the best thing we can do to help protect your children’s inheritance.
If you have any queries about these trusts or Family Wills in general, please email us or call to discuss.
It’s important to note that whilst these trusts are free to write into your wills, other Trusts that benefit families are charged at an additional extra, the basic online form doesn’t include them but we can write them in at a later date for you if you wish to purchase them as option extras or an “add-on”.
Mirror Wills are the most common form of Family Wills as they are written for couples, however this isn’t always the case, our Single person’s Wills also have the same Guardianship element for single parent families to use and include the trust described earlier.
Do you want to write a good Family Will? If the answer is YES then CLICK HERE to start.
