marriage and children

Two major 'life events' for many people are getting married and having children. Both events naturally encourage you to think about your future plans with maybe a passing reference to financial matters.

But these issues are often overlooked or perhaps you don’t know where to start.


Marriage provides the perfect incentive to review your finances and ensure that they are arranged in a tax-efficient way. The tax rules for married couples can provide tax planning opportunities to maximise your income, but you will need professional advice. The specific taxes that can be affected are: income tax, capital gains tax and inheritance tax.

Combining your assets should also be given special consideration. As well as deciding which toaster is better you also need to look at your newly combined position regarding:

  • Properties
  • Pensions
  • Savings and other investments

Your life assurances will probably need to be reassessed now to ensure that all of your combined commitments are covered.

Making a will is also a critical consideration as any existing wills are automatically revoked on marriage.



Parents need to consider a number of factors once children are part of the family, and any existing wills or inheritance tax planning will need to be revised. Issues to be considered are:

  • Adequate provision should either or both parents die. This includes appointing guardians and making appropriate financial arrangements, for example through a trust.
  • Additional provisions for children with special needs, for example special trusts and annuities.
  • Children’s own income and savings
  • Saving on behalf of children.

We will be happy to advise you on all of these issues.