One problem with passing on assets to children is knowing who will actually receive them.  That is, the Will is made now but it is not possible to know the children's circumstances at some future time.

Once assets pass on death to a nominated person they then become available to a liquidator or bankruptcy trustee, family law court, former partner, or to a household with drugs or violence.  These are vexing questions, and ones a traditional Will may not properly handle.

The solution may be a Testamentary Trust (T/T).  Here, the assets do not go to the beneficiary but to a trust.  There is no capital gains tax or stamp duty as these vest through a Will.

The children get control, but not ownership.  Because the asset is not specifically theirs, a bankruptcy trustee or family court has no access to the asset.  They are free to sell or change assets and share the benefits within their family group (but cannot remove the assets from the trust), whereas a normal Will restricts the benefits only to the new owner.

If the T/T has income or capital gains and those are directed to a minor beneficiary (child), the income is not taxed in their hands at penalty rates of 60% but at normal tax rates.

A T/T must be part of the Will when the Will is prepared.  The T/T comes into existence by the executor handling the estate.  The bulk of the Will may stay the same, the T/T is an additional matter.  An executor cannot set up a T/T unless it is included in a Will.

This sort of treatment can even occur between spouses to protect their assets for their children.  If the surviving spouse remarries and dies, assets can be retained for the original children and not the new partner and his/her family.

Use of a testamentary trust should be discussed with your solicitor, and if decided, have them amend your Will.