Making a Will might not be the first thing on your mind as you welcome a new baby into the family but becoming a parent for the first time can make you think more about putting protection in place for worst-case scenarios.
Passing away without a Will can lead to uncertainty, financial worries and complications. It becomes even more important if you have young dependants to consider what should happen to them if you or your partner were to die. If you do not have a Will (or a valid Will) in place, then your estate will be distributed in accordance with the Intestacy Rules, and this might not necessarily be in-line with your personal wishes.
In this quick article, our experienced Private Client Solicitors share some ideas for new parents who are looking to make a Will.
Name Preferred Guardians
One of the most crucial elements of making a Will for parents is deciding on the person or people who will be responsible for your children in the event of your death. It is quite unusual for both parents to pass away whilst children are young, however it is not impossible, and plans should be put in place for the unlikely event.
It is important to choose a guardian who you trust to raise your children in the way that you would. There are many factors to consider, including their values, parenting style, financial stability, location, health, religion, and beliefs.
If you do not have appointed guardians for your children, then the local authority or courts may be left to decide who should look after them. This might not be in line with your wishes, or if they fail to find suitable guardians, then your children could be placed within the care system.
It is important to know that God Parents are not the same as guardians. God Parents have no legal rights, so if you have chosen to christen your child and want the God Parents to have legal responsibilities should the worse happen, then you must name them as Guardians in your Will.
Provide for Stepchildren, Children from Previous Relationships, Fostered or Adopted Children
Family structures are becoming more and more complicated, with many children being part of a blended family where parents have re-married. It is important to write a Will to reflect your own family’s dynamics and ensure that you are making provisions for all children and not unwittingly leaving anyone out from your Will.
Stepchildren, foster children or any other children that you are bringing up in your household might not automatically inherit from your estate unless you specifically include them in your Will. Consider making arrangements to meet financial needs of all your dependants.
Consider Age of Inheritance
It is worth thinking about what age you would like your children to have control of any money or assets left to them. Children can inherit via a trust which they cannot gain access to until a certain age, usually 18 or 21.
If you decide to use a trust, you will also need to consider who will be the nominated, trusted people to manage the trust, you will need a minimum of two people and it can be your executors, if this is what you would like. The role involves safeguarding your children’s assets, helping them plan for their financial future and give them allowances from that trust as and when appropriate.
Sentimental Items and Specific Wishes
Many families have items of great sentimental value, whether its is a family heirloom, special pieces of jewelry or items such as family photo albums and memorabilia. Quite often parents can have clear wishes for things to be ‘kept in the family’ or passed down to specific family members.
In your Will you can set out clear instructions for any specific items or assets to ensure that your wishes are followed.
Review Regularly
Once your Will is written and safely stored away it can feel like a relief and give you peace of mind that carefully planning is in place if required.
As your children grown up and your family circumstances change it is important to keep reviewing your will to ensure that it is still fit for purpose. A well-written will may not need to be changed unless you have any major changes to your situation (for example you get divorced, remarried, inherit a large sum or move abroad) however, as your children grow up you might find that your priorities and wishes for the future change.
Get Started – Make a Will
If you would like to speak to someone about making a Will for the first time, or would like to refresh a previous Will you have made (either with us or elsewhere) then please get in touch. You can call us on 01256 844888, email enquiries@lambbrooks.com, speak to our online chat assistant or pop in and see us at our offices.
Other articles you may be interested in reading:
What are Mirror Wills and When are they a Good Idea?
How to Start Writing a Will: 8 Simple Steps
6 Risks of Not Having a Health & Welfare LPA
The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. The law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice upon their own particular circumstances.
