Henny Penny
Registered User
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- 559
I have a couple of questions regarding wills that I would appreciate help with.
We have two young children, 6 and 3. When we made our will 5 years ago, our solicitor suggested that we should not name a guardian for our children - in her opinion these things usually sort themselves out if and when the situation arises. How important is it to have a named guardian for one's children? If nobody (immediate family) wants to take them, what happens? Are they taken into state care?
My second question is regarding split of assets and inheritance tax. Is it better to leave everything to a spouse or split the assets among children also(similar to what the state does when no will is made)? What is the threshold for inheritance tax? Can money/asset be held in trust until a child is 18/21? Advice and suggestions welcome.
Thanks
We have two young children, 6 and 3. When we made our will 5 years ago, our solicitor suggested that we should not name a guardian for our children - in her opinion these things usually sort themselves out if and when the situation arises. How important is it to have a named guardian for one's children? If nobody (immediate family) wants to take them, what happens? Are they taken into state care?
My second question is regarding split of assets and inheritance tax. Is it better to leave everything to a spouse or split the assets among children also(similar to what the state does when no will is made)? What is the threshold for inheritance tax? Can money/asset be held in trust until a child is 18/21? Advice and suggestions welcome.
Thanks