Young Family

As your children grow, then so do your responsibilities. Did you know, for example, that you should revise your Will with the birth of each child or it could become invalid? And if you haven't made a Will, it's scary to think that your children could inherit everything at the age of just 16 if the worst should happen to you. So it's not only important to make a Will, you should also consider protecting any inheritance in a Trust until they're mature enough to handle it, as well as formalising your wishes on who you want to act as Guardian to take over their care.

Back to the present, there may soon come a time when you need to move up to a larger property to accommodate an expanding family. And then, of course, there's the whole question of making provision to cover educational costs and even how best to start putting money aside to help them find their financial feet when they eventually leave the family nest.

Taking our 360 Lifestage Review is the best way to discover what you should be thinking about at your stage of life. Alternatively, click on any button below to find out exactly why particular services could be important to you as you bring up a young family.

  • Related Documents
  • FAQs
  • Q1 Is your Will up to date?
  • A1
    • Have you made provisions in your Will to protect the rights of your children if your spouse or partner remarries after your death?
    • You can use a Will to appoint Guardians to look after your children if something were to happen to both you and your partner
    • To avoid any family disputes after you've gone - especially amongst your children - your Will can specify how you wish family heirlooms to be distributed
    • Remember that it's vitally important to update your Wills with the birth of every child or any previous versions could become invalid
    • As children in Scotland can inherit at 16, you can delay this by putting their entitlement from your estate in Trust for them until they are older
  • Q2 Why you should be thinking about establishing a Power of Attorney
  • A2
    • You may want and expect your spouse or partner to look after your financial affairs and personal wellbeing if you were no longer able to do so yourself, but unless you give them legal authority through a Power of Attorney arrangement, he or she would have no right to act on your behalf whatsoever
    • A Power of Attorney is a straightforward legal document that allows each of you to act on the other's behalf in such circumstances - if one of you were involved in an accident or suddenly struck down by a serious illness, for example, or if it becomes necessary to spend lengthy periods away on business. This could be crucial with a young family in such areas as gaining access to personal bank accounts or savings
    • The alternative is a long and costly court application, which can potentially cost thousands and take months to settle
    • Setting up Powers of Attorney is like an insurance policy which you can easily arrange for a small, one-off payment. You hope you'll never need it, but you'll be grateful you've got it to ensure minimum disruption to your family if anything unexpected should happen to you
  • Q3 Time to move?
  • A3
    • There can be any number of reasons why young families decide to move house. It could be the need to find a larger property to accommodate a growing family, wanting a garden for the kids to play in, a lifestyle choice to move in or out of the city or, very importantly, the desire to move into a catchment area that would offer the best choices for the children's education. Whatever your motivation, don't make a move without discussing your options with Pagan Osborne's leading property team
  • Q4 What are the benefits of renting rather than buying?
  • A4
    • Offering the twin benefits of affordability and flexibility, renting could be a good move if you want to try out an area before you buy
    • It could also be your best option if you or your partner are unsure about your future job locations, or if you need to fill a lengthy gap between selling one property and buying another
    • We always have a huge selection of family size properties for rent in Edinburgh and Fife, and we'd be delighted to help you find that perfect property at a perfect price
  • Q5 Why give your money away to the taxman when you could keep more of it in the family?
  • A5
    • Money is always tight with little ones around, so it pays to get expert advice on how to make the most of whatever tax breaks and reliefs could be available to you
    • We can also guide you through the complexities of Tax Credits to make sure you get everything you're entitled to
    • Depending on individual circumstances, you may also need advice on mitigating Inheritance Tax or Capital Gains Tax liabilities, as well how to reallocate assets to save tax and make the most of any drop in overall family income
  • Q6 What plans are you making for your family's financial future?
  • A6
    • You naturally want the best for your children, and that includes making sure they have access to a first class education. We can help with expert advice on the best way to plan ahead for school and university fees
    • It may seem a long way off now, but it's never too early to explore the savings options available to you for putting money aside to cover wedding expenses or helping your children take their first step on the property ladder. One option is to set up a tax-efficient Trust Fund which would lock money away for your children to access when they are older
    • Have you investigated how the government's Child Trust Fund could help you build up a nest egg to benefit each child when they reach 18?
    • Looking after a young family brings many responsibilities, including keeping the money coming in! We can advise you on the steps you could take to protect your income if your circumstances should change - if you were made redundant, for example, if one partner takes a drop in income or if you couldn't work due to illness or injury


Not sure where to start? Why not just give us a call today on
0131 624 6820 for Edinburgh or 01334 475001 for Fife to discuss your needs.

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St Andrews
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