Welcoming a new member of the family is an exciting and busy time for any new parent and updating your will may seem like the last priority on the list. But it is important that new parents think about updating or making a will because doing so will protect the interests of your new arrival.
Why make a Will?
When you have a child it is important to update or make a will because a will ensures that you’re providing for your family. In your will, you can say at what age you want your children to inherit your estate. If the worst were to happen to you as parents, a will ensures that your family would be looked after by a guardian of your choice, and also that your estate is protected until such time as your children are of an age where they will use the monies appropriately. A legal guardian is an adult who is designated to care for a child in case both parents should die before that child reaches adulthood. The key thing for most parents is ensuring their children are looked after by the right people when they die. Appointing guardians in your Will is the best way for you to ensure that.
What if you die without a will?
If you don't make a Will then the Intestacy Rules will determine what happens to your personal possessions, money and all other assets held in your sole name. The only way to ensure that the people and/or charities you want to inherit your estate do so is to make a Will. The intestacy rules are statutory rules which dictate where your estate is distributed if you not have a Will when you pass away; these rules list which members of your family would be entitled to your estate and may not accurately represent what you wanted.
What are the key things to think about?
New parents need to consider who they will appoint as guardians if both parents die. They need to ensure each makes provision for the surviving spouse if one of them dies and provision for their children on attaining a certain age if they both die.
How can a solicitor help new parents to protect your children’s future?
Using the right solicitor can save a lot of stress for those you leave behind, as well as giving you a bit more peace of mind. At JW Hughes & Co., we have a team of experienced solicitors to help you. We will explain your options to help you make decisions that will help protect your children’s future. In addition, we can discuss the role of trustees and how the funds are held if a child is under the age of 18 at the date of death. We can provide guidance on the most suitable age the children should inherit and whether a trust would be suitable. We will be able to provide advice on the appointment of guardians and can suggest the preparation of a letter of wishes addressed to the guardians covering more personal aspects of the child’s care.
Tips for new parents who are making a will for the first time
Make sure you consider financial provision and the security for your partner, spouse or civil partner and your children in the event of one or both deaths by having a Will and life insurance. When considering the suitability of guardians, consider how old your parents are; how close you are to your siblings in outlook and lifestyle; and might close friends with a similar outlook and lifestyle be better?
Write a memorandum to your guardians and executors as to how you would like your children to be brought up and how money can be used to benefit your guardians. This can include schooling, when they should receive funds in later life before attaining a specific age and whether funds can be used to buy a bigger house for your guardians to occupy.
For more information and to make a new Will or to update your current one, contact us on Conwy 596596 or Llandudno 874774.