New Term – New Will
The kids have gone back to school, and parents around the country have heaved a collective sigh of relief. So, is now the time, do you think, to get some life admin sorted? New term – new Will? And then there’s Legal Power of Attorney to consider. With people having children later, many parents of young children are finding themselves part of the sandwich generation – a real and growing phenomenon. Many families these days are balancing caring for young children on one hand and looking out for ageing parents on the other. And often to the detriment of their own well-being.
It’s not hard to see then how sorting out your Will and guardianship for your children, should the need arise, and getting LPAs in place for your parents is of the utmost importance. Get them sorted now, before the new school term gets into its stride and the terrors of creating a Hallowe’en costume with little or no notice, appear.
The importance of guardianship
If you’re a parent, a vital element of writing your Will is making sure that the security and well-being of your children is sorted in the event of the unthinkable happening. It goes without saying that choosing a guardian is an intensely personal thing.
Let’s look at some things you need to bear in mind when choosing guardians for them.
- Values and beliefs: You’ll want to choose a guardian who shares your values, your beliefs and your parenting philosophies. That way, you’ll ensure a sense of consistency in your children’s upbringing.
- Emotional and financial stability: Consider the prospective guardian’s ability to offer a stable and nurturing environment for your children. But you’ll also need to think about whether they can afford to meet your children’s financial needs.
- Their relationship with your child/children: If you can, opt for a guardian with whom the child already has a bond. An established relationship will make the transition somewhat easier for your child to handle.
- Age and health: You’ll have to consider the age and health of your prospective guardian as they’re likely to have to carry out their responsibilities for an extended period.
In an ideal world, you’ll have this matter sorted before you start to write your Will.
Things to include in your Will
The first three of these are the must-haves. The rest are optional, nice to haves if you Will.
- Executors
Your executors are the people who carry out the instructions laid out in your Will – they have the legal authority to manage your estate after you die. Therefore, it’s vital that you choose your executors when you draft your Will. Your executors can be family members, a trusted friend or a professional such as a solicitor. You must be able to trust them with money. Further, they should be responsible and have the time to do all the work the responsibility entails.
Your executor can also benefit from your Will.
- Guardians
As mentioned earlier, appointing a guardian is super important. If you’ve got children under the age of eighteen, then it’s imperative to have legal guardians in place for your children, should you die while they’re still minors.
- Beneficiaries
Okay, I know this sounds obvious, but I’ll say it anyway. It’s absolutely vital that your Will clearly identifies who the beneficiaries are. You might have to imagine a worst-case scenario. Let’s say, for example, you’re married with young children. What would happen to your estates if all of you were to die? It’s a grim thought, I know. But a necessary one.
So that’s the must-haves listed. Now we come to the nice-to-haves.
THE OPTIONAL BITS
- Your funeral wishes
Consider that laying down your funeral wishes in your Will may be helpful to your family. It might even go so far as to stop some arguments.
- Personal belongings
If you’d like your daughter to get your jewellery, for example, then you might want to include a clause in your Will specifying this.
- Legacies
If you want to leave cash legacies to individuals or charities, then add them to your Will.
- Trusts
If you’re getting a professional Will Writer or a solicitor to draft your Will, they should explore whether it’s appropriate to have a trust in your Will. Different trusts will apply to different scenarios. Your adviser will decide which one is the best for your circumstances.
- Inheritance tax
Here again, we have a situation where professional advice is your friend. It will show you whether inheritance tax could be an issue for you. And what your options are to mitigate a large tax bill. To this end, I ask my clients to list all their assets and liabilities so they know what their estates will be worth when they die. Don’t forget life insurance and death-in-service benefits when you draw up your list.
If you’re already thinking about these things and discussing them with the relevant parties, it will make your Will-drafting experience so much easier.
I trust this has been helpful to you, but please don’t hesitate to contact me if you’d like some more information on anything I’ve said above. Call me on 07538946839 or email me at info@swindonwillwriting.co.uk