When thinking about making a will, there’s a tendency to consider it as something to do when we’re older, after the children have grown up perhaps, or not at all – everything will go to your partner and children in any event surely?! Well, this is not always the case. Even if you’re married or in a civil partnership, there are still significant and important matters which need to be addressed in a will, and this article will aims to shed some light and dispel some of these common misconceptions which we think all parents should be aware of.
Why do parents need a will?
- If you die without a will, a complex set of laws known as the intestacy rules come into effect. The intestacy rules are made for all those who have not made a will and unsurprisingly, they rarely reflect parents’ specific wishes.
- It’s not all about money: most importantly, making a will allows you to appoint legal guardians for your children.
- Not making a will could lead to uncertainty and financial worry for your family and dependents. For example, if you’re not married or in a civil partnership, your partner will not inherit any part of your estate or be able to access your estate even if you have children to support.
Making a will is the best way to ensure that your loved ones are taken care of and provided for as YOU wish.
Writing the best will for your children —
what to consider in five easy steps.
- Appoint a guardian for your children
A legal guardian is a person who takes care of your children in the event that you and your child’s other parent die. It is important to consider legal guardianship. If these plans aren’t outlined in a will, and both parents are deceased, the local authority or the courts will need to decide who should look after your children. Whilst immediate family are often preferred, the process is not automatic. Moreover, it may also not be your wish for your children to be looked after by your immediate family in any event.
NOTE: Choosing a godparent is not the same as choosing a guardian, as godparents have no legal rights. Guardianship will automatically end when your children reach the age of 18.
- Consider your child’s finances.
Unless the will says otherwise, the children will normally receive access to their assets at the age of 18. Many of our clients think that 18 is a bit too young for their children to manage such assets / financial matters. With a will in place, you can set a higher age of inheritance such as 21 or even older.
NOTE: The assets will be held in trust until the child / children reach the intended age to inherit, and although they will not be able to manage it personally until then, they will still be able to benefit from the inheritance at the discretion of the trustee/s which you can also appoint in your will (see below).
- Appoint trustees for your child’s inheritance.
If you die before the age your children can inherit, their assets will need to be held in trust.
To manage that trust, you need to nominate people called trustees who, essentially, will guard and manage your children’s finances.
By having a will, you can nominate specific and trusted people to act as your trustees without having to rely on the “one size fits all” intestacy rules.
- Review beneficiaries from trusts, pensions or insurance.
If you have a life insurance policy, a pension scheme or other assets held in trust, these will not be passed down within your will.
If you want your children to inherit these financial products, you’ll need to contact each provider and nominate your children as your beneficiaries.
- Provide for your stepchildren or foster children.
If you have stepchildren or foster children, they will not automatically inherit from your estate unless you specifically include them in your will.
Reviewing your will
We advise reviewing your will at least every five years. This will allow you to step back and reflect whether people you’ve nominated to look after your children are still suitable, and whether your instructions still reflect your family’s situation. It is easy to change a will once you have one and at My Local Solicitor, we pride ourselves on building friendly and strong relationships with our clients in order to assist and advise them along their life journeys.
NOTE: Circumstances can change at the blink of an eye and so it’s important to keep your will up to date to accommodate this. For example, if you marry or enter into a civil partnership, any existing will is automatically revoked.
This article is for information purposes only and does not constitute legal advice. Why not book a free consultation with your local solicitor today? Call us on 01244 478 730 or email hello@my-local-solicitor.com
