Being a parent is one of the most exciting and fulfilling periods in a person’s life. There’s so much joy and excitement, yet so much responsibility. From the time our kids are babies, we are responsible for making sure that they are well cared for. Besides providing them with the necessities, there are things we should be doing to make their adult lives much easier and more fruitful, such as preparing a will. Preparing a will early on will save your children the hassle of contesting a will in the future.
The fact that you are responsible for another person’s life should be enough to make you sit back and consider your own affairs and make sure that they are in order. If you haven’t already, now is the time to sit down and compose a will before life gets too hectic — before you’re chasing around after your toddler or preparing for a new baby.
Having a will can help you in many ways. It guarantees that your new, growing family is well-cared for and looked after. You can declare who you want to take care of your child (or children) if both parents die. This person will be designated as a guardian and would come with your seal of approval. Without this, the local courts along with Social Services, will have to make the best decision based on the circumstances without your input.
You’ll have the power to name your executors, so that the right person in charge of your estate will be able to practice their rights properly for your children. This means involving a third party, such as an accountant or a solicitor, to take the responsibility away from the family and to assist and support them at difficult times.
You can also set up a Trust to manage the inheritance that may be due to your children. This is necessary to ensure that they are well looked after until they are old enough to manage their own money. Also, you may think that you have insufficient assets to warrant a will, however, most people have insurances linked to a mortgage and even death benefits that are payable under a workable scheme. This would largely change the size of your estate. The proper consideration and distribution of those supplementary funds could be potentially beneficial.
It’s important that you think ahead and consider what will happen if you pass away. Yes, this is hard to consider, but if you don’t, you risk damaging your estate significantly and certain family members that you didn’t consider before may inherit assets that should’ve belonged to your children.
I encourage you to create a will immediately if you have not done so yet. Think how hard contesting a will in the future could be for your children. Just give it some thought! As far as preparing your will, I recommend speaking to an advisor/solicitor to obtain proper advice to help you prepare the best will for you family.
This post was written by a guest contributor.