Secondly, what happens if you were to lose capacity and no longer be able to make any payments? 

This obviously highlights the importance of having an effective lasting power of attorney in place, to ensure there are attorneys who can step into your shoes and continue to manage your finances.

However, it is important to be aware of the limitations to an attorney’s powers. It is questionable whether an attorney could continue to make gifts to grandchildren to pay school fees without having appropriate powers specifically given to them in the lasting power of attorney.

Finally, ensure that your will is properly structured so that funds will still be available following your death, either by your children using any inheritance to fund their children’s school fees, or by setting up a specific fund for grandchildren.

Hugo Smith is a partner in the private wealth team at BDB Pitmans