If you are soon to be a parent in Bristol you may be encouraged to write a Will by family members and friends. There are a number of good reasons for this and this article outlines a number of them.
By far the most important decision is that of Guardian. Without a Guardian clause it will be left entirely to the local authority to decide who should look after your child or children and this may cause issues within the family. Under normal circumstances it would also take the local authority longer in deciding who should care for your child, possibly leaving the child in temporary care.
When Will writing in Bristol it is important not to miss this essential nomination for peace of mind and certainty in the years to come. It is of course important that you speak with your proposed Guardians before you make your Will, they do not have to take on the responsibility.
A bereaved minor is unable to take care of their own finances until they reach 18 years of age. Up until that age money can be made available for their maintenance of education but that would be decided by Executors nominated under the Will, who also act as Trustees unless expressed otherwise. An age between 18 and 25 years of age must be decided upon, and until they attain that age money is held in Trust and looked after by the Trustees.
The Trustees will be able to reimburse themselves for the day to day care of your child and this alleviates some of the considerations when deciding on this nomination. In other words, their personal financial situation is less of an issue and their suitability as a carer can be the predominate consideration.
You can also plan ahead with matters such as gifts. For example when Will writing it maybe that you would wish to make specific gifts, either monetary or items prior to the age in which your child inherits the capital sum. This could be items of a sentimental value or a lump sum payment to help with their studies. All gifts can be drafted to suit the specific requirements of the client and the child.
Without a Will, the laws of intestacy would apply and this is particularly problematic if the parents are unmarried. The state decides in these circumstances who receives the assets, and making a Will should be a priority for unmarried partners with children and single mothers.
A bereaved minor trust would be set up on the death of a parent where the child is to benefit from the estate. The Trustees would have to act in the best interest of the child throughout the process until the child attained the age when the capital sum would be released.
Changes in your circumstances should also trigger a review of a Will. Certainly when expecting the birth of a child or separation from a relationship involving children, making a Will is essential. Rose & Trust of Bristol have been helping parents throughout the area to get their affairs in order before new arrivals and you can start the process by calling us on 0117 369 1969.