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Information on UK Guardianship and Inheritance Issue

UK law states that any child under the age of eighteen cannot inherit their parents' estate. Instead, they must wait until they turn 18 years of age to receive their inheritance.

It is of utmost importance for all UK parents to make sure they have an updated legal will that clearly states the distribution of assets to their children. Without a will, your estate would be under complete control of the law, and may not be distributed in the manner you would have desired. Without a will, your children would receive their entire inheritance at one time - their eighteenth birthday.

You may not want your child to have access to one large sum of money at such a young age. You may prefer to hold off on giving your child the money until you feel they are of proper mature age. Or, you may want to distribute your child's inheritance in regular payments, to ensure that the money is not spent all at once. This is why it is imperative you have a legal will, to make sure your wishes regarding your children's inheritance are carried out to you specifications.

You might choose to set up a trust for your child. A trust is a legally binding agreement stating that another individual or party holds control of the funds in the trust until the beneficiary is of age to inherit said funds. There are lots of different types of trusts, but for most individual needs a simple trust in your will can be easily written by your legal professional.

Guardianship is also an important issue to address when writing a new will or updating your current one. You will want to make sure that your children under the age of 18 are cared for by someone you trust, someone you know will provide your children with the nurturing and care they need. The appointing of your children's legal guardian upon your death is an important part of will preparation.

Whether you are a brand new parent or have several children already, it is important to make sure you have an updated legal will. If you don't have a will, simply find a law firm or legal professional equipped to prepare legal wills. If you already have a will, it's a good idea to periodically review it and make any changes necessary.