Making a Will is important for all, especially for parents. It ensures their children have security for the future.
Parents need to consider what would likely happen to their children when they are no longer around and by making a Will they are making specific wishes to be granted upon administration of their estate.
A daunting task for any parent is to select a guardian to be the sole career of their children. This clause of the Will may also state a variety of wishes the parent expresses to the guardian including how they would like their child to be cared for or any specific plans that are to put in place for their future.
A parent’s Will should also include details of their child’s inheritance. They can take a flexible approach with this and provide funds as and when they are needed, such as to help with education, wedding costs, or buying a first home. Alternatively, an estate can be distributed to children at any given age or time the parent sees fit.
It is important to remember to update a Will in order to adapt to changing family circumstances. Should any of the following events occur, we would advise you mention the same to your solicitor:
- If you marry or become divorced;
- If you change your name;
- If a named executor in your Will dies;
- If a beneficiary dies;
- If you have specifically bequeathed any property which you subsequent sell;
- If your estate materially changes in value;
- If you have children.
Powers of Attorney are another key factor to consider as parents. They are there to handle a range of affairs on a person’s behalf, should they not be able. This can include anything from legal issues, to financial and welfare matters and client’s need to consider all important aspects such as:
- Paying bills
- Managing property
- Decisions on medical treatment
Will writing is not only about thinking of current circumstances, but setting the future for generations to come.