Estate planning for a young family usually starts with a valid will. It is the document that names who would raise your children if you could not, appoints who deals with your affairs, and sets out who inherits, so that decisions are not left to a court or to the intestacy rules.
You do not need a large estate or an unusual situation for this to matter. Parents of young children often want two things settled early: who looks after the children, and how those children would be provided for financially. This guide walks through the will, appointing a guardian, and the everyday steps many parents consider, and it sits alongside our wider estate planning guide. Figures are current as at July 2026 and are subject to change.
Where should a young family start with estate planning?
Most families start with a will, because without one the law decides who inherits and a court may decide who raises the children. Dying without a will means the intestacy rules apply, which follow a fixed order of relatives and make no provision for an unmarried partner. A will lets parents name a guardian, choose executors, and say who inherits.
Making a will as a parent
A will is the foundation of a young family's plan. In England and Wales it must be made by someone aged 18 or over who is of sound mind, put in writing, and signed in the presence of two witnesses who are both over 18, and you cannot leave anything in the will to a witness or their spouse (gov.uk, making sure your will is legal, as at July 2026, subject to change). Getting these formalities right is what makes the document stand up.
Within the will, parents commonly set out who inherits, who acts as executor, and who would be guardian of any children under 18. Many people also leave a separate letter of wishes to guide those chosen roles. For the mechanics of drafting and signing, see our guide on How to Write a Will.
Appointing a guardian for your children
A guardian is the person who would step into the parenting role for children under 18 if both parents died. Source: gov.uk, as at July 2026, subject to change. You can appoint one in your will, and doing so means your choice is on record rather than left to the family court to decide. Many parents name a first choice and a substitute, and discuss it with those people in advance.
A guardianship appointment generally takes effect when there is no surviving parent with parental responsibility. It carries real practical weight, so it can be worth thinking about who shares your values, has the capacity to take it on, and where the children would live. Our detailed note on appointing a guardian covers how it works and what to consider. Guardians often act alongside trustees who manage money for the children, which keeps care and finances in separate, considered hands.
Providing for children financially
Providing for young children usually means combining a will with a way of holding money until they are old enough to receive it. Children cannot inherit outright before 18, so a will typically sets out a trust so that trustees can manage funds for their upbringing, education and maintenance in the meantime, under terms the will lays down. Source: gov.uk, as at July 2026, subject to change.
| Tool | What it does for a young family |
|---|---|
| Will with a trust for children | Names guardians and holds a child's inheritance until an age you choose, managed by trustees. |
| Life cover | A policy can provide a lump sum if a parent dies; writing it in trust is one option some consider so it pays outside the estate. General information only; an FCA-authorised adviser can assess suitability. |
| Nominated beneficiaries | Pensions and some policies pass by nomination with the provider, not through the will, so nominations need keeping up to date. |
Life policies, pensions and investment bonds are regulated products. This is general, educational information, not a recommendation; suitability depends on individual circumstances and an FCA-authorised financial adviser can advise. Figures elsewhere on this page are as at July 2026 and subject to change.
On lifetime gifts, some parents also help children or grandchildren while they are alive. Everyone can give away up to £3,000 of gifts each tax year under the annual exemption, plus separate small gifts of up to £250 per person, and larger gifts may fall outside the estate for inheritance tax if the giver survives seven years, with taper relief on the tax where death falls between three and seven years (gov.uk, rules on giving gifts, as at July 2026, subject to change). See lifetime gifts compared with leaving assets in a will.