Will Planning: Pregnancy, Baby & Young Families
We were recently approached by a married couple from Elmswell, in Suffolk who had recently had a new addition to the family, a baby boy. They wanted new wills as they had recently moved to a new house and wanted to tidy their affairs.
Unbeknown to them having a new born was probably the biggest reason (in their circumstances) to consider updating their Wills, rather than because of their new home. We explained, it is vitally important to consider who would care for your children if both parents pass away before your child reaches adulthood.
Like this couple, many people think that custody of their children automatically goes to their partner or next of kin, like a mother or sister. This is why so many people assume they don’t need to write a will until they’re older. But unfortunately, this isn’t the case. To ensure your children are looked after, Wills should be updated so Guardians can be named in a Will.
“This is what all parents need to know about appointing guardians for their children”Mr and Mrs D – Elmswell, Suffolk
We explained that for single parents, it is especially important to have a plan in place that reflects what you want and what you know is important to your child. If the child’s other parent does not have ‘parental responsibility’ and if there are no guardianship arrangements in place in a Will, a child may be taken into Local Authority Care.
Fearing the worst, the couple accepted our advice and choose Guardians that they felt were suitable, local to them being in Sudbury and close family.
Of course, deciding on Guardians need not be a one-time-only decision. The right guardians for your child may change over time and guardianship can be changed whenever you want while you are still alive. The Will can just be updated each time.
Cohen Knights LLP offers expert legal advice in relation to Wills, Lasting Power of Attorneys, Probate, Trusts, Trust Management and other legal services.
Making a Will – what to consider?
By making a Will you can:-
- Appoint people (called Executors) to carry out the terms of your Will.
- Appoint Guardians you trust to look after your children.
- Leave gifts of specific items or fixed sums of money
- Name the people or charities you want to benefit from your estate.
- Include Trusts to help protect your assets for your children.
Even if you have a Will it is crucial to review it at regular intervals; certainly every five years, and sooner if there have been a major life-changing events such as divorce, remarriage or the death of a partner, then your Will should be reviewed.
Call our legal advisors on 0333 1300 509