So many parents have not got round to drafting a Will to take into consideration their children. Without a Will there are certain implications on your estate and personal affairs which may not be desired.
Writing a Will allows you first and foremost to nominate who you would wish to be the guardian for your children. Just letting those you wish know is not enough, the local authority ultimately decide and simply asking the individuals involved is insufficient. A legally binding document such as a Will provides the local authority with a clear indication of who you wish your children’s guardians to be.
Any gifts are held in a children’s Trust under the terms of your last Will and testament. You can nominate trustees such as your parents or siblings to take care of the fund until your chidden come of age. Money can be made available for their maintenance and education until the age they can receive the capital sum. And without a legal Will that age would be 18, many consider that age to be too young for potentially a large sum of money to be left to their disposal. Fast cars and expensive holidays are often cited as the most likely direction of such funds.
There is also the possibility of a Trust, and if the child has certain disabilities then a disabled beneficiary Trust may be appropriate. If you have concerns about how the child will use the funds then a discretionary trust of some sort can also be considered. All being well this allows for considerable management of funds in the years to follow.
These are just a few examples of how writing a Will can benefit your children, provide certainty for those dealing with your estate, and allow peace of mind for the years to follow. If you require more information on this contact Rose & Trust of Bristol on 0117 369 1969.