And when it comes to making a Will, how can you be sure you're kids are not cut out of their inheritance by your new partner? Here's a strategy that might be what you're looking for.
Just leaving money via your Will for a grandchild to be held in trust until they reach 21 is fraught with risks; from of a challenge to your Will through to concerns of the effects of addiction, divorce and financial mismanagement.
So to help you better understand your options, here are three key phrases you need to understand.
Simply put, you can nominate in writing who you want to receive any future payout with a Beneficiary Nomination or Binding Death Nomination (depending upon what you choose).