Deciding to write a will might be the last thing on your mind as you adapt to your new busy life as a parent. Especially so as a young and healthy parent.
However, the sad truth is that health can be unpredictable and if you die unexpectedly without a will, it could lead to uncertainty and financial worry for your dependents. Having a will is one of the most important things you can do to protect your family.
Why do I need to write a will?
A will ensures that your wishes for your family and assets are honoured upon your passing.
Each parent will need their own will to:
- Name the preferred guardian of minor children
- Detail how you want your assets distributed after you die
- Choose an executor who will be responsible for disbursing funds or administer your will upon your death
- Establish a trust. Some parents may want to establish a trust that allows them to control how and when their assets are given to their children.
What happens if I die without a will?
If you die without a will, your estate will be divided according to ‘intestacy rules’.
Without a will:
- Your spouse, partner, or cohabitee will not automatically inherit everything
- If you are not married or in a civil partnership, your partner will not inherit anything
- Your children’s guardianship may be decided by a local court
- Any stepchildren or foster children will not inherit anything
- If your child is a minor, the court will appoint someone to hold and disperse funds until your child turns 18.
How to write the best will with your children in mind
How to choose a guardian for my children
It is important to carefully consider whom you wish to appoint as a guardian if you or both you and your partner were to die. This is usually the most important consideration for parents, and the most challenging.
Most people will nominate more than one guardian in the case that the first is unable to take on the role.
You may wish to consider the potential guardians parenting style, values, where they live, their physical ability to take care of children and whether they are financially able to.
Providing for your dependents
Consider how you can decide to cover the expenses of raising your children in the event of your death. How could your estate cover these costs?
It is important to remember that your stepchildren, foster children, or any dependent adults will not automatically inherit from your estate. You will need to specifically include them in your will.
If you or your partner will receive a large pay-out in the event of your death, you may choose not to leave them a large amount from your will too. This could free up assets that you can leave for other dependents.
Revise beneficiaries
If you have a pension scheme, life insurance policy or other assets held in trust, these will not be passed down within your will. If you would like your children to inherit these, you need to contact each provider and nominate your children as beneficiaries.
When will my children receive their inheritance?
It is up to you to decide at what age your children will receive full control of their inheritance. The typical age range in most cases is from 18 to 25. If you do not state the age at which your children will receive their inheritance, they will automatically receive access at 18 in most cases.
Before the age chosen, your children can still benefit from their inheritance as the assets will be held in trust and managed by a trustee to benefit your child.
You will need to carefully consider who the best person will be to safeguard your children’s assets and assist them in planning for their future. You may wish to appoint your partner as one of the trustees and further trustees in case you both pass away.
You should think about giving guidance to trustees on how you would like them to control the money. Would you like to dictate that certain assets should be used for specific goals such as education or stepping onto the property ladder?
It is also important to consider that the trustees and legal guardians will need a good working relationship to ensure that the guardians have the financial support to bring up the children as you wish.
We understand that just the thought of drawing up a will can feel overwhelming, but our friendly and highly regarded team can help you throughout the process making it as easy and stress-free as possible.
If you would like to discuss any points in this article further or are looking to write a will, please contact Spire Solicitors LLP on 01603 677077.
