Making a Will can often be a task that is put down on your ‘to-do’ list and often overlooked as a busy life with children takes over. There is what seems like a never-ending list of errands to run, jobs to do and, as always, other things to spend money on.
However, being a parent makes it even more of a priority to have your legal affairs in order, should the unthinkable happen whilst your children are still young.
Whilst the likelihood is that you will die once your children are adults themselves, there is always a risk both parents could die unexpectedly at a young age, leaving vulnerable children behind.
Our Will writing solicitors at Lamb Brooks share the 4 things to consider when writing your Will if you have a young family...
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Who would you like to look after your children?
A crucial element of your Will as a parent of young children is deciding on who you would appoint as a legal guardian. It is important to give careful consideration into who you trust to raise your children. For some families there may be more obvious choices, such as grandparents or close siblings, but for others with little relatives or close family nearby, this decision can be more complicated. You should think about someone who shares similar views and values to you in terms of parenting, health, religion or beliefs and also take into account the relationship that you and your children already have with this person, their financial stability, home-life, lifestyle and location. It is important to know that if you have chosen God Parents either officially through a christening or naming ceremony, or unofficially through a personal discussion, that they do not have any legal rights or responsibilities. A guardian appointment would only take place if there was no one else with parental responsibility alive.
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Who would you like to manage your children’s money?
Your children are likely to be your main beneficiaries of your estate (your property, money and any other assets you have), however if they are young, they would not be able to benefit from your estate legally. Until that point their money would be held in a trust and managed by someone else who you would appoint as a trustee. This might be the guardian you select or could be someone else. This should be someone you implicitly trust.
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What age would you like your children to inherit?
You should give some thought to what age you would like your children to access their inheritance – often this is at 18, 21 or 25 years old. There is no right or wrong choice here, but often people will have personal views on the matter. Some parents might wish for their children to have access to funds earlier, or others might wish for them to access inheritance once they are, perhaps more mature adults and ready to use the money to settle down and buy a house – for example. The trustee would be able to see that they have access to funds if needed, for education, university, living expenses etc.
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Do you have any personal wishes or items you would like dealt with?
It would be worthwhile considering your funeral wishes, either within your Will or as a separate letter of wishes / private funeral plan as this can help ease the burden on family members left to make plans. Older children may take some comfort in knowing how to plan for the occasion. If you have sentimental items or valuable possessions, for example family jewellery, photo albums, antiques, collections etc. that you have specific wishes for to pass to certain children (or other family members) then you can include these in your will.
Advice for Modern Families
Many families are now blended, made up of step-children, step-parents, half-siblings, adopted children and parents who are un-married or re-married. If this applies to you it is worth seeking additional legal advice on how to best structure your will and later life planning to ensure that you assets pass in the correct way. Failure to write a will, or update one you already have, could see children, step-children or new partners being missed from your estate entirely. Make sure your wishes are expressed by getting it right with the help of some legal advice.
Notes for Your Executor
You will need to appoint and executor, this should be someone you trust and may well be the same person/s that you appoint as a guardian or trustee. You should let them know that you have appointed them in this role and also inform them of where your Will is stored. It is sensible to have a copy of your Will somewhere safe in your home and have the original stored with your Solicitor. Lamb Brooks offer a free Will storing service.
Making or Updating Your Will
If you are thinking about making a will or need to change an existing Will, then please get in touch with our Will Solicitors today. Our Solicitors will be able to give you a clear and concise idea of costs depending on your complexities and family circumstances.
Call us on 01256 844888, email enquiries@lambbrooks.com or alternately you can speak to our online chat assistant (who is a real person, not robot) at any time of day.