We all love our children and want to protect them. They’re the most precious things in our lives, and we want to ensure they grow up in a safe and loving environment. We can be responsible for that while we’re here… but what about after we’re gone?
Like any parent, you’d want to make sure your children could be looked after and raised by someone you trust should the worst happen to you.
Without a Will, however, there is no guidance or instruction as to who you would like to raise your children. In this case, the Court may decide upon a guardian that would not have been your first choice… worse still, they may choose someone you certainly would not want to be their guardian. This is why it is essential that you make a Will and specify clearly who you’d like to be responsible for your children, as it is the only way you can have a say in who the guardian for your children would be.
You decide your children’s future.
No child or grandchild can legally inherit until they turn 18 years old. However, you may- as many people do- feel that 18 is simply too young to receive a large lump sum and use it responsibly, especially when it’s your money that you saved for them to use on things that matter most. You may prefer instead to delay the payment until they reach a more mature age specified by you. This age may be 21, 25 or even older, but you must specify this clearly in your Will.
However, you probably also don’t want to leave them short just in case- if they need money for education, for example. Fortunately, with the right Will and proper planning, we can help you to protect your children’s inheritance whilst allowing some access in accordance with your instructions. The majority will only become available at the age you specify, or when a certain “trigger event” occurs, such as marriage.
Children from previous relationships
The reality is that in today’s society, many people are in their second marriage, and may have children from previous relationships. Ideally, you’d like those children to still benefit from your inheritance- it is unfortunate, then, that most of these children end up being disinherited due to remarriage and a general lack of awareness of the protection that is available through adequate planning. Speak to us about the ways we can help protect your children if this applies to you.
Protecting your grandchildren may become difficult, especially if your child one day was to get divorced. You may simply not want your child’s spouse to inherit anything from you for whatever reason. We can tailor your Will to these circumstances, ensuring your wishes are heard.
Vulnerable Loved Ones
You may have a loved one with a disability, and wish to ensure they are adequately cared for. They may receive state benefits; however, these could be reduced or stopped entirely if they inherit outright. With the correct planning, we will try to legally minimise any loss, and we may even be able to prevent it entirely.
You may also want to ensure a disabled beneficiary can continue living in your home after you’re gone, but may also want to give a share of the house to each of your children. Without creating special provisions in your Will, this may not be possible, as your child will have no legal protection.
We can help to ensure all your intended beneficiaries get a share of your estate, but you must act sooner rather than later. Preparations can only be legally made when you are in good health and have mental capacity.
With the Right Will, you can protect the inheritance and the best interests of your loved ones.