Using A Will To Protect Your Children
A Will isn’t just there to dictate what should happen to your assets after your death, it is also there to ensure your children are protected.
Whoever you are and whatever your financial situation, it is always imperative to draft a Will, as this is the only way to guarantee that your wishes are carried out after your death. This is especially important if you have children, as you will be able to appoint a guardian who will care for them in the event of your death.
This guardian will be legally responsible for your children’s care until they reach the age of eighteen. This will give you the peace of mind that should anything happen to you, your children will be looked after by someone you know and trust.
If your child is orphaned and there is not a valid Will in place, the courts will search for a suitable candidate to be their guardian. However, this may mean your children are taken into care until someone is found, while the person they finally select may not be your preferred option. This will all be extremely traumatic for your children, all at a time when they need comfort and support the most.
Alongside the provision of care, it is necessary to write a Will to guarantee that your children are financially provided for. If you die intestate – meaning you die without a Will – your assets will be distributed according to the law. This does not necessarily mean your children will receive anything. This is particularly relevant if you are separated but not divorced, as your ex-partner will still be deemed your next of kin.
But in creating a Will, you can decide who should receive what. You can also set up trusts for your children which will protect a sum of money until they reach a certain age. Such safety measures can also be put in place with regard to a property, as you can stipulate that your family home is not to be sold until your youngest child (for example) turns a certain age.
However, you must remember to update your Will regularly, especially if you have another child. This is because they will not automatically be a beneficiary of your Will even if your other children have been named.
If you would like to know more about making a Will and the various ways in which you can protect your children, please do not hesitate to get in touch.
You can call 01772 424999, email enquiries@solicitordirect.com or use the form below:
