Keeping your children safe and well-looked after is a core responsibility for a parent and is something that takes a lot of time and effort.
While it is inevitable that you will not always be there to look out for them, the unfortunate reality is that this day comes sooner than expected for many families.
As painful as it may be to consider this, it is best to make preparations while you are alive as one final act of provision for your children.
What do I need to include in my Will to look after my children?
As with the other people who are set to receive a portion of your estate, it is best to consider who would benefit most from what you wish to leave and how they might make use of it.
If your children are adults, then the matter is as straightforward as naming them in the Will along with a portion of your estate that you deem to be fair.
For children below the age of 18, looking after them becomes a more complex issue.
It is advisable that any assets or funds that you leave for your children are placed into a trust so that they can benefit from them once they reach an appropriate age.
This will prevent a situation where a child is given major financial responsibility before their brain has developed sufficiently to be able to handle things.
You can appoint someone to manage the trust on their behalf and set specific stipulations that determine how and when funds are released to your child.
This might be a way of giving the person who looks after them the funds to do so without having to transfer them the child’s entire share of inheritance.
Who should I name as a guardian in my Will?
The biggest priority is making sure that there is someone ready and able to look after your children in the event of your death.
Children below the age of 18 must be looked after by an adult and this person will be selected by the family court if you do not nominate a suitable person.
Writing the guardian into your Will gives you the chance to control the decision and make the relevant preparations.
While you can name any adult a guardian, you should make sure that there are no welfare concerns associated with them and that they will be in a good position to give your child the life you hope they will lead.
It may be helpful to ask the following questions of your prospective guardian:
· Do they share a similar approach to parenting?
· Are they emotionally and practically able to take on the responsibility?
· Do they already have a close relationship with your child?
· Would they be financially secure enough to cope?
· Are they willing to take on the role?
· Would they be able to maintain important family relationships?
Having a conversation with your prospective guardian before including them in the Will is advisable, as you can ensure that your views and visions align before they are put into the situation of having to look after your child.
In England and Wales, you can legally name up to four people to be the guardian of a child.
This enables you to create a support network for your child or allow the guardians to decide who is best positioned to be responsible for the child should their circumstances have changed since you wrote the Will.
At Palmers Solicitors, we understand that it can be difficult to approach writing a Will as it means contending with the idea of a world defined by your absence.
We want the people of Essex to feel in control of their legal decisions, so we work to make you aware of your legal rights and responsibilities in a compassionate way.
Our team can help you to craft a Will that protects your family and honours your wishes.
If circumstances change, we are happy to assist you in updating your Will so that it continues to be useful. For compassionate support with Will writing and estate planning, speak to our team.
