Making a Will is one of the most important steps you can take to protect your children’s future. In Scotland, a Will allows you to decide who should care for your children if you die while they are still young, how their inheritance will be managed, and how to balance the rights of different family members. This article explores the key considerations when drafting a Will to ensure your children are provided for, both financially and practically.
For many parents, one of the main reasons for making a Will in Scotland is to ensure their children are cared for if the worst happens. A Will not only sets out who should inherit your estate, but also allows you to plan for your children’s care, make financial arrangements for their upbringing, and clarify complex family situations. Without a Will, the law determines what happens, which might not match your wishes.
Estate planning and tax considerations
A Will can play a vital role in Inheritance Tax planning and broader estate planning advice. In Scotland, IHT is charged on estates exceeding £325,000, although there are allowances and exemptions, such as the residence nil-rate band. You can use your Will to pass assets effectively to your children while balancing what is left to your spouse or civil partner. This makes careful drafting essential if you want to reduce the tax burden on your estate and maximise what your children inherit.
Legal rights in Scotland
Even if you make a Will, your spouse or civil partner and your children have “Legal Rights” to claim a share of your moveable estate (everything other than land and buildings). These rights apply whether or not you leave them anything in your Will. Beneficiaries must choose either their Legal Rights entitlement or the inheritance you leave them in the Will – they cannot take both. Understanding how this works is key to making fair and practical arrangements.
Appointing guardians
Providing for your children involves more than just money. If both you and the other parent were to pass away while your children are under 16, you should name a guardian in your Will. This guarantees that someone you trust will be legally responsible for their care. It is essential to discuss this with the person you wish to appoint and confirm they are willing to accept the role.
Financial arrangements for children
Many parents opt to keep their children’s inheritance in trust until they reach a specific age. Although the law permits children to inherit from 16, you might prefer to postpone this until 18, 21, or even 25. A trust enables the funds to grow while providing flexibility to withdraw money for school fees, clothing, or other welfare needs.
Special considerations for disabled children
If you have a child with a disability, extra steps might be necessary to ensure their long-term needs are met. This could include placing funds in a discretionary trust, allowing flexibility in how the money is used. It may also be essential to apply for guardianship once they reach adulthood, so setting aside money for future legal costs is prudent. You should also consider whether a Power of Attorney in Scotland would assist with ongoing decision-making.
Children from previous relationships
Blended families are becoming more common. If you leave everything to a new spouse or partner, children from an earlier relationship may inherit nothing beyond their Legal Rights. One solution is to use a liferent trust, which allows your spouse or partner to live in the family home for life but ensures your share of the property ultimately passes to your children. When this involves property ownership, our conveyancing solicitors in Glasgow, Livingston, and Bathgate can offer additional guidance.
Looking out for your children with a Will is essential
Providing for your children through your Will requires careful thought. From guardianship to tax planning, trusts to family dynamics, the choices you make now can have a lasting impact on your children’s security and wellbeing.
Protect your children’s future today
At Wallace Quinn, we recognise how crucial it is to secure your children’s future. Our experienced solicitors can assist you in drafting a Will that expresses your wishes, considers family interests, and guarantees your children are properly cared for. To arrange a confidential consultation, contact our offices in Glasgow, Livingston or Bathgate today.
Looking out for your children with a Will: Your Questions Answered
Q: Do I need a Will if my children are very young?
A: Yes. A Will enables you to appoint guardians and organise financial arrangements. Without one, decisions about your children’s care and inheritance will be determined by the law.
Q: At what age can children inherit in Scotland?
A: Children can inherit from age 16, but many parents prefer to delay access by establishing a trust until they are older and more financially mature.
Q: Can I treat children differently in my Will?
A: Yes, but keep in mind that all children have Legal Rights to your moveable estate, regardless of what the Will states. They can decide to claim these rights if they believe they have been unfairly excluded.
Q: What is a liferent trust and why might I choose to use one?
A: A liferent trust allows a surviving spouse or partner to live in a property while, after their death, the home is passed to your children. It is often used in blended families.
Q: Do guardians automatically get access to funds for my children?
A: Not necessarily. Your Will should include provisions permitting guardians to request funds from the estate or a trust to cover your children’s living and educational costs.
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