As a parent, you may understandably have many concerns about your children’s future and what will happen to them when you pass away.Start Now
At Wills Services, we are here to lift the burden and give you peace of mind by helping you put plans in place as soon as possible to protect your children and their future.
Such plans include having a child trust fund and guardianship order in your will, which we will explain in more detail below.
Writing a will ensures that your children won’t have to deal with anything complicated or financially stressful when you pass away, leaving them to grieve in peace, and it also means you have peace of mind knowing that they are protected should the worst happen to you.
A child trust fund is a way of controlling what your children get and when. A trust fund holds the assets you want it to, whether that’s your property, money, possessions or a business, for the beneficiaries that you choose.
The trustee (a solicitor or other third party) is legally responsible for managing the child trust fund and must carry out your wishes exactly as stated in your will.
For example, you may want a lump sum of money to be released to your child on their 18th birthday for their first home or you may want them to receive one of your most valued possessions after your death.
Whatever your wishes are, you can set them out in your will and they will be carried out in the event of you passing away, becoming critically ill or injured to the extent that you are no longer able to support them financially.
Appointing a guardian for your children simply involves you choosing exactly who will look after them when you pass away. You do this by having a guardianship order in your will.
When choosing and appointing a guardian, make sure you discuss everything in detail with the chosen person first. If they agree to it and fully understand what is expected of them when you die, you can then have a guardianship order added to your will. This will state your specific requests regarding the day-to-day care of your children.
It is possible to have more than one guardian for your children if you want to split the responsibilities and take the pressure off of one person. For example, you may want someone to just be in control of your children’s finances, and you may want someone else to have custody so that they can care for them every day once you’re gone.
By appointing guardianship, you know that your children won’t end up being put into care with someone they don’t know, which would be a highly stressful situation for them, especially after having lost you.
There are many factors that can complicate the process of inheritance. For example, if parents get divorced and re-marry, a baby is born or relationships change within the family due to conflicts, it may raise concerns and disputes over who is legally entitled to what.
When such major life events occur, it is important that you make the appropriate amendments to your will so that the right people receive what you want them to. Any formal changes you make are called ‘codicils’.
It is worth noting that if you are fostering a child or have step-children, it is also possible to set up trust funds for them in your will. This can also be achieved by making a bloodline will and trust.
At Wills Services, our representatives are on hand to answer any questions you may have about wills and we can help you write a will that reflects your exact wishes for your children.
We understand that protecting their future is important to you, so we ensure high-quality customer service to make sure you can relax knowing that your wishes will be carried out when the time comes.