Take care of your children's future
If you wish to benefit your children through your Will, it is perfectly possible to do this within a very basic Will. However, whilst the child is under the age of 18, the funds will need to be held under a legal trust for his or her benefit – a complex and costly legal procedure to go through as it involves an application to the court to allow for the trust to be set up and administered. After the child reaches 18, he or she is free to spend (or worse, squander) it. Do you want this to happen to your bequest?
The answer to this very common problem is a Children's Trust within your Will.
This allows you to set up a trust in advance and therefore there is no need for a costly legal trust to be set up through the courts when you die. The trust can delay your child gaining full control of their legacy until age 21, 25 or even 30 (for a disabled child it can extend throughout their life!) During the period up to the selected age, your chosen beneficiary can request the income generated by the trust, but the capital remains intact until the selected age is attained.