Don't complicate family life - make a Will!
Have you considered what would happen to your children should you die before they reach 18? Many people automatically assume that their children's care will be handed over to who they want it to but this may not be the case
This is a frightening prospect that many families do not contemplate facing but it is a reality and happens to many families every day. Statistics show that every 35 minutes someone dies as a result of an unexpected accident.
To deal with the event of both parents tragically dying together, it is vital you make a Will to appoint a guardian to care for your children left behind. Planning ahead will prevent the need for a possible intervention by social services.
Where parents are unmarried and have a child born before 2003, the father will not automatically have parental responsibility due to the Adoption and Children's Act 2002. This means that, where the mother dies first, the father may not automatically be given responsibility for caring for his child.
The legal duties of a guardian are essentially the same as those of a parent; they will be responsible for the day-to-day upbringing of your child and would stand in your shoes in that respect.
Trusts are also a vital part of your Will if your children are young. A trust can be put into place to release funds to your child throughout their life and absolutely from the age of 18 upwards. Within your Will you can stipulate who the 'trustees' will be and these will be effectively in charge of managing the trust.
You can also write a 'letter of wishes' which is not legally binding in itself but can give the trustees and guardians an outline of how you would like your child to be brought up. It can highlight certain things that you would like to happen, for example providing for your child's university education.
A trust can also enable parents to keep the inheritance out of the hands of unruly children until they believe they will be mature enough to be able to cope with it.
According to recent research undertaken by The Society of Will Writers, only 30 per cent of the UK adult population has a Will - a terrifying fact - and if you have children you have an even more important reason to be organised about your finances.
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