Parents and Guardians of young children – have you got a Will?

Often people associate the necessity of having a Will in place as something to do later in life or at the point where they may own a property, or assets of a more substantial value. This means they may fail to put in place a plan regarding the distribution of their estate when they die.

However, as a parent or guardian, a Will can also determine what arrangements and provisions are in place to ensure that any underage children are cared for, as well as nominate who will take responsibility for them, if anything happens to you.

In this article, we will take you through what can happen if you do not have a Will in place, why making a Will is important if you have young children, and options to consider when having your Will drafted.

Without having a Will in place when you die, your estate will be distributed in line with the rules of intestacy. This can lead to complicated or unintended outcomes as the rules do not consider any personal wishes of how your estate should be taken care of.

It is particularly important to understand that if you have young children, the absence of a Will not only complicates the rules of who will inherit what, but there is also added uncertainty about who will look after your children and where they would live.

In the instance that both parents die without naming a guardian in a Will, the decision of who will care for the children will fall to the Family Court. The Family Court will act in the best interests of the children, which can lead to delays in appointing responsibility and disagreements between families over whose care the children are placed in.

One of the most crucial elements when making a Will, if you have young children, is appointing a legal guardian. By making a Will, you can formally appoint a trusted family member or close friend who you would like to nominate as guardian for your children.

By being prepared, it also allows you to discuss the decision with the person being appointed to ensure they are willing to take on this responsibility and understand the legalities and obligations they will be undertaking, should the worst happen.

If your children are under the age of 18, they cannot directly inherit any money or assets. If you do not have a Will, your estate may be held in trust by a Court-appointed Administrator until your child becomes an adult, with limited control over how the money is used.

Having a Will allows you to:

• Set up a Trust to manage your children’s inheritance, if this is something you wish to do,
• Appoint Trustees to oversee the funds, in addition to guardians to look after them,
• Provide financial provisions for the care of your children,
• Specify how the money should be used (e.g. for education or living costs) and
• Choose the age at which your children will inherit, should you want this to be higher than 18.

A Will also enables you to include specific instructions and wishes, such as the distribution of financial support, in relation to the care of your children. For example, will your children have to move to live with their guardians? Will the guardians have to buy a bigger property to accommodate your children? Would your wishes differ depending on the age of the children e.g. moving a child in nursery is a lot different to their moving in high school. By having a Will, you can ensure the practicalities can be properly addressed by someone you trust with your child or children’s welfare. In addition to your Will, you can also prepare a letter of wishes for the benefit of your intended guardians, which would accompany your Will.

The passing of a loved one is a highly emotional and difficult time, and disputes can arise regarding several issues such as the care of any young children, personal belongings, estate assets and inheritance. Rifts between families and added legal costs can cause added pressure to an already difficult situation. A Will sets out your wishes clearly and provides your loved ones with clarity and guidance, which helps to avoid disputes and in particular, provides reassurance for those leaving behind young children.

We understand that as a parent, the last thing you want to think about is not being around to look after your children, and the thought alone often puts parents off doing their Will. But the legal implications of not having one in place should be enough to demonstrate the importance of preparing a Will.

Our Will writing experts can guide you through the process, ensuring your Will is drafted correctly and reflects your wishes in relation to the care and financial support for your children. Now is the perfect time to put your affairs in order and have peace of mind. Contact our friendly team to book your free 30-minute meeting to discuss your personal situation and requirements.

Tel:       01245 893400
Email:  info@backhouse-solicitors.co.uk
Visit:    17 Duke Street, Chelmsford, CM1 1JU
Or send us a message through the Contact Us page on this website.