Your Children Inherit your Estate:
Ex-spouses could claim some of the funds
By adding funds to your Children's estates, they could pay extra Inheritance Tax on their death
Creditors could come after any money if your children have outstanding debts
Funds could be used to pay for your children's care later in life
No Guardians named. The local Authority will decide on their care, this may not be family members.
A standard Will ensures that you clearly appoint your Executors and ensure your children do not have to go through a long winded legal system to get their inheritance. It may not stop the risks, but it will ensure a simpler process in a difficult time.
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