Guardianship of Minor Children

A young couple in their late thirties had three young children. They had no will in place meaning that should they die Social Services (via application to the Family Court) would decide who would look after their children. This would mean a lengthy and distressing legal process to decide who should be the legal guardians should the children be orphaned.

·   They made mirror wills appointing the children’s aunt as the guardian for all three children. This gave them peace of mind that their children will be raised by a likeminded close family member should tragedy strike.

·   In addition, it was highlighted that Mrs L would likely inherit property from her family in Spain and therefore we added jurisdiction clauses that ensured that the Spanish property was not included. I advised her that she would need to make a separate will at the appropriate time to cover the Spanish assets.

·   The couple had a large estate especially when considering the high level of life assurance they both had. It transpired that the life assurance had not been written in trust and therefore meant that the husband’s estate alone was well in excess of the Nil Rate Bands.
I advised them to put the policies in trust so that the proceeds would be taken out of the estate meaning significant inheritance tax savings for their beneficiaries.