Your will & your children…
This week on our blog I am going to be talking about a subject very close to my heart… children! I have four of my own (the picture is of my youngest daughter, Sophia) and I understand the importance of feeling secure in the knowledge that, as a parent, you are doing everything you can to protect them.
There are many ways you can utilise your will to make provisions for your children, including appointing guardians, leaving them specific gifts or the entirety of your estate, including trusts to benefit them when they reach a certain age and/or making provision for the changing needs of vulnerable children as they progress into adulthood.
Each day this week, I will be looking at each of these scenarios in more detail and examining how you can really get the most out of your will when it comes to protecting your children’s future needs.
It is important to review your will every few years as your children grow to ensure that your wishes – and their needs – are still being accurately reflected. It might be that the people you appointed to be there guardians when they were newborns are now, some years later, no longer the people who would be suitable for the role, if the need arose. Or, perhaps, one of your children is going to require greater financial (and non-financial) support than your other children. These things can be addressed in your will giving you peace of mind that, in the event of your death, your children will be properly cared for.
It’s also important to review your will when your children reach adulthood at the age of 18. You can then remove the clause appointing guardians and, perhaps, instead appoint your children as your Executors and Trustees.
If you have any specific questions about making provision for your children in your will, I’d love to hear them! Please get in touch here.