How to arrange finances for daughter should we die?

[Heathwood]

Hi folks,

I appreciate this is potentially a complex subject, but I'm hoping to understand some of the basics.

My wife and I are reasonably well insured and own our home outright. However, we now have a young child (1 year old) so would like to make sure she's ok should something happen to the both of us.

We have a family member (sister) who we plan to ask to take care of our little girl should the worst happen, however, she's truly crap with money. Ideally, we'd like some way of releasing some funds to my sister, perhaps with further funds at set intervals, with any remainder paid to our daughter on reaching, say, 21.

This, I assume would involve making sure the house is sold with the equity going into some sort of trust fund? How might we go about sorting the rest of our wishes? Is this something for a financial adviser or solicitor?

Thanks for any help

[Heathwood]

Thanks guys. Yes, I think my main priority is ensuring the assets we already have are dealt with correctly, rather than purchasing financial products.

I'll have a look into this in the new year. Cheers