Writing a will / trusts for children?

(6 Posts)
BunloafAndCrumpets Mon 20-Jun-16 10:20:42

Hi there, I just wondered if anyone had any advice please. I would like to update my will now that I have a daughter. My partner and I currently have a very simple mirror will which we did online via our home insurance several years ago. We don't have lots of money so I wondered if it's possible to use an online will writing website in our situation.

We would like to leave all our assets (basically our home plus life insurance and pension benefits) to our daughter. Her guardian would be my brother (previously discussed and agreed!). She is only a year old so her upbringing would obviously incur considerable cost to my brother.

Should we leave our assets to her in a trust which is administered and accessible to by my brother, or is there a better way to do it? As I understand, a trust would involve a solicitor. Has anyone managed to use an online will writing service for a will that involves children and guardians?

I will pay for legal help if necessary as I appreciate its v important, but wondered if there's a cheaper way to do it that I haven't thought of, as it seems a fairly standard situation. Thank you!

BackforGood Mon 20-Jun-16 23:30:28

I'm no expert, so others may be along soon, but when we drew up our will, the solicitor made us think about all sorts of scenarios we'd not considered. It was a fair bit of money to find, but I think money worth spending.

You could look out for Will Aid and do it then.

You need to think about all sorts of scenarios - from you both dying at the same time (an RTA for example) - or indeed, what you want to do if all 3 of you died together........ to situations where one of you might die, and what happens to your house if you've made it all over to your dc?..... or, if you leave it to your spouse, what happens if the remaining partner then meets someone else? What about what you'd like to have left for your child ?...... Lots of other things the solicitor made us think about that we just hadn't considered.
I also understand it's less straightforward if you aren't married, so that's worth thinking about.

Bourdic Mon 20-Jun-16 23:38:35

We've just signed our wills today which set up a discretionary trust for our grandchildren. You really do need a solicitor for this - it's not cheap but compared to the amount of money involved. As said^^ there are lots of scenarios to consider. We've also done a letter of wishes and appointed substitute trustees

BunloafAndCrumpets Tue 21-Jun-16 12:51:36

Lovely, really helpful advice thank you!

BunloafAndCrumpets Tue 21-Jun-16 12:51:48

Lovely, really helpful advice thank you!

TeenAndTween Tue 21-Jun-16 14:24:26

You need to talk through with a solicitor really. You need to tie down the money as tight or as loosely as you want. So is the use of the money purely up to the guardian, or only for education. What counts as education anyway. What if he needed a larger home, could he use the money for that, or 'borrow' against the trust. Who would oversee your brother etc etc. What age to get the money outright? 18, 21, 25?

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