Becoming a parent for the first time can be one of the most important and exciting periods in a person’s life. There is so much excitement and joy ahead, and making a Will is hardly a top priority when you are shopping for prams and baby clothes.
But the very fact that you are about to become entirely responsible for another person’s life should make you sit back and consider your own affairs and ensure they are in order. This is the perfect time to sit down and make a Will, before life becomes too hectic, chasing around after a toddler or preparing for any new siblings.
A Will can help you in a number of ways, to make sure that your new, growing family is taken care of and looked after.
- You can declare who you would want to take care of your child (or children) in the event that both parents have died. This person is called a guardian and would come with your seal of approval. Without this, the Courts and Social Services would simply have to make the best decision in the circumstances without being able to ask you.
- You can name your executors, so that the right person is in charge of your estate to manage it properly for the beneficiaries, likely your children. This may mean involving a third party, such as a solicitor or accountant, to take the responsibility away from the grieving family and to help and support them at a difficult time.
- You can set up a Trust to manage any inheritance that may be due to your children. This is essential to ensure that they are well looked after until they are old enough to manage the money themselves, which may be well beyond 18.
- You may think you do not have ‘enough’ assets to warrant a Will, but most people have insurances linked to a mortgage or death benefits payable under a work scheme and this could significantly change the size of your estate. The proper consideration and distribution of those extra funds could be vitally important.
- You should also consider what would happen in the event of you all passing away. Although this can be difficult to consider, if you don’t, the possible risk is that it may end up distorting your estate significantly and certain family members, that you have never considered before, may inherit your assets.
Do seriously give some thought to making a Will if you have not done so already. A Will will make it easier for the people that you leave behind and help them to understand what you wanted.
You can speak to a solicitor to obtain the proper advice on Wills, to help you and your family.