5 Reasons Why Every Parent Needs To Make a Will
Thinking about the uncertainty of the future is never pleasant. As much as it may be hard to think about, our lives are finite, and recognising this helps us appreciate the moments we have.
If you have children, either as a single parent or a married couple, it’s essential to make a will for your children. A will helps you protect your children’s future and ensures they are well cared for after your passing.
If you don’t have a will in place, your children may be in danger of not receiving much inheritance at all.
Without a will, your estate will pass according to the rule of intestacy. This means that your assets will be distributed among certain people based on family circumstances and your estate will be divided up as per the court’s wishes.
As a parent, not having a will means that you won’t have any control over who gets what, which can be a scary place to be. A will allows you to protect your loved ones after you die and ensure your estate is dealt with according to your personal wishes.
In this guide, we’ll explore five key reasons every parent needs to make a will and how it can help safeguard the future of your children.
1. You Can Appoint a Legal Guardian
Have you ever considered what would happen to your child/children if you or your partner were no longer there? Who would take care of them in your stead?
If you don’t have a will, the local authorities would be left to make this incredibly important decision, and who knows who this may be. In many cases, they try to ensure that immediate family members take care of them, but this isn’t always guaranteed.
With a will, you can appoint someone you trust as your children’s legal guardian to care for them if you, or your partner, were to meet an untimely end. Always speak with your chosen guardian(s) to ensure that they are up for the role and willing to take on this responsibility.
One of the best things about wills nowadays is that with online legal service providers, you can make them online as well. This makes it easier than ever before to create the best online will that appropriately represents your wishes.
2. Prevent Hardship for Your Children
Dealing with estate matters immediately after someone has passed is a complicated process that is often time-consuming and quite upsetting. By creating a will, you can lighten the burden on your children and relatives by clearly outlining your wishes.
In your will, cover important information such as your funeral requests, estate distribution guidelines, and chosen place of burial.
In an upsetting time, having a will can make things much easier to manage for your children and allows them to give you the send-off you would’ve always wanted.
3. Plan for Your Children’s Financial Future
A will can help you effectively plan for the future of your children. If you want your children to receive a certain amount of inheritance from your estate, you need to clearly explain this in your will. A will ensures that each child receives their fair share and avoids any disputes or distress later on.
You can also use your will to leave your children any gifts, such as family heirlooms or valuable items. Mention exactly who these items need to be passed onto so that they don’t get disregarded or potentially sold to cover inheritance tax in the future.
In many ways, your will will help you feel confident that your partner, children, and step-children, are all provided for.
4. Protect Your Stepchildren and Any Other Dependents
If you have any step-children, it’s important to know that they will not automatically receive any inheritance from your assets in the absence of a will. Since your estate will be distributed in line with intestacy rules, your stepchildren will not be included in this.
Include your stepchildren in a legally binding will and clearly mention what they will inherit to ensure they receive what they are entitled to. Similarly, if you care for anyone else, such as foster children or adults who depend on you, include them in your will to ensure they receive their share.
5. Protect Your Children’s Assets in a Trust
If you want your child or children to receive their inheritance at a certain age, you can clearly state this in your will. However, the assets mentioned will have to be held in a trust and managed by a trustee (someone you trust).
A trustee plays an important role when it comes to estate planning and distribution. They will be in charge of safeguarding your children’s inheritance and giving them consent to withdraw money or receive the relevant assets. That’s why you need to carefully consider who you want your trustee to be.
Speak with the person or people you wish to appoint as your trustees beforehand to ensure they’re willing to take up this responsibility.
To Wrap Up
As a parent, the best way to protect the future of your child or children is to start planning for it right now. If you want to protect your children, you need to ensure your essential legal documents are in place.
Your will is an essential legally binding document that ensures your children receive their inheritance as per your wishes. It also ensures that they have someone to care for and protect them in your stead.
Once your will has been prepared and set up, you can rest easy knowing that your children are well provided for.
