We often hear from younger people that they will make a Will once they have children. Yet, so many people with children have not actually made a Will. According to Will Aid, this is the case with 57% of parents.
Although most younger people don't believe they have the assets to create a Will, many do not realise that a Will is more than just dividing assets after your death.
If you have children under the age of 18, it is vital that you appoint trusted Guardians within your Will to look after your children under 18 should you and your partner both die. Otherwise, the Courts will decide what happens to your children, running the risk of them entering care.
It is important for you to discuss everything with potential Guardians, as they may decide the responsibility is one they don't wish to bear.
One worry may be that they don't have the finances available. This may be overcome by leaving Trusts written into your Will for your children, but ensuring your Trustees have the authority to apply for funds from the Trust fund prior to your children reaching 18 years of age.
Trustees may also be responsible for your entire estate, thus ensuring that directions are set for the financial upbringing of your children, this would ensure that your appointed guardians are not out of pocket and, that your children’s needs are met.
Guardians normally gain parental responsibility, making decisions for a child such as medical treatment and education, until they reach the age of 18.
It is also possible to appoint a substitute Guardian as a substitute in case your original Guardian is unable or unwilling to act.
Although nobody wishes to think of their death, especially when just starting your own family, it is imperative to secure your children's future whilst you're still able to do so.
For advice regarding Guardianship, and writing Wills, contact LCS NOW on 0345 017 8250.
