Caring for your children is a huge responsibility, and for most parents it’s a constant source of joy - and a constant source of concern. You want the best for your kids, but you’re always aware that life can be a little unexpected and anything could happen that could change things.
Looking ahead and making long term plans for your family is a great idea; where do you want to holiday next? Where do you want to live? What do you want to aim for financially? This kind of approach is what helps a family grow securely and safely. But there are other plans you need to start considering as well.
If you’re a parent, one of those plans should be a legal Will.
Because you need to plan for who will take care of your dependents
If you’re a parent of a minor, having a Will becomes top priority, because you need to have some ideas in place for what will happen to your child and how their wellbeing will be protected without you. You will want to ensure their financial safety and security is looked after, and that they will be placed in the care of a loved one who will have their best interests - and your best wishes - at heart as their guardian. This is something that is quite easy to sort out now, and it means that you won’t have to worry about an accident or an illness leaving your kids without a plan.
Because you can decide who will handle your affairs immediately after your death
Having a Will in place means having an executor, and that means you’ll be able to trust that someone will sort everything out and reduce the amount of friction and stress on your kids in a truly difficult time. The great thing about assigning an executor to your estate isn’t just that it ensures your Will is going to be treated with respect - it’s also that you’ll have an agreed representative that you trust to make the necessary decisions and arrangements.
Because it’s important to make sure your kids are going to receive the right assets
If you’ve worked hard to build up your family’s financial well-being and assets, you’re going to want to ensure that they go to the right place. Dividing those assets between your children is important as a parent, because you’re passing down a degree of your legacy. In the event that you leave behind a child who is a minor, that’s particularly important, as they won’t be able to discuss these matters with you first. If you have any level of personal wealth, having it divided between your children correctly means you’re looking after them as much as possible and not leaving them with additional stress.
We encourage parents to get a Will in place, because many of the members of the Willed team have kids ourselves and it’s important to us. We know what it’s like to worry about the future, and we know what a difference it can make.