Sadly, there are tragedies that result in children losing their parents. If the children are under eighteen, and their parents have not previously appointed a Guardian, the authorities have a legal duty to arrange their care.
It is understandable why young parents are reluctant to think about being struck-down by a devastating accident and who can blame them if they sweep such thoughts under the carpet.
However, by preparing Wills, young couples have the peace of mind that if something should happen to them, they have provided as best they can, for the future of their young family.
By preparing a Will, it is easy to appoint a Guardian from family or very close friends, and to create the trust funds to finance the child’s upbringing. By doing this, parents take an active part in their children’s future maintenance, education and benefit if such tragic circumstances arise.
The main advantage is that the children will already know their Guardians. They will be quickly welcomed into a familiar and loving home whilst struggling to come to terms with their loss. Without appointed Guardians, the authorities are required to look after the child’s needs professionally and sympathetically. However, if there is a Will, the authorities’ immediately understand the child’s parents have taken necessary steps to provide for their children’s welfare and comfort. Importantly, the children do not have to face added disruption.
Through a trust provided in the Will, the Guardians receive regular payments of money to contribute to the additional costs of bringing up the children. The trust works in such a way that when the children reach a certain age, say twenty-one, it is wound-up and the capital passes to them as they start their journey into the adult world.
There is no guarantee that a child’s future will work out exactly as their parents wish or expect, but a well prepared Will allows them to plan and be a significant part of it.
Having made their Wills at an early age, young parents confirm that as circumstances change, they are relaxed about discussing and planning changes to their Wills. Subsequent review and amendment of their Wills becomes a part their own ‘financial review’.
Many clients think about Wills in the same way as they think about household insurance: you hope you do not need it, but you (or your children) are prepared if it is.
Visit http://www.haytarnwills.co.uk/ for more information.