Wills for Parents with Children Under 18
Wills for Parents with children under 18, and especially single parents.
If you’re a married or single parent with children under eighteen, it’s essential you have an up-to-date Will in place.
Without one, the Court cannot know whom you wish to act as guardian to your children and may appoint someone who would not have been your choice.
Without a Will your children will inherit as soon as they reach eighteen, even though at this age they are almost certainly still not mature enough to manage the inheritance.
If you prefer that they only inherit some or all of it at a later age, then your Will can be drawn up to set out these wishes. In some situations there may be adverse tax consequences of your children inheriting in this manner and we can explain the potential advantages and disadvantages.
If you’re single, having no Will may well mean that the children’s surviving parent would look after money or other assets which your children have inherited from you. This may not necessarily be what you want.
When considering your Will, there will probably be matters which we’ll advise you on, which you wouldn’t have even thought about.
If the guardian you appoint is a close friend or relative and your children will be living not only with them but also their children, you can imagine that their children might resent yours if, due to the children having inherited from you, your children can afford designer trainers and expensive school trips while perhaps your guardians’ children can’t. A solution might be to make a gift in your Will to your guardians of a monthly or quarterly sum of money for their own benefit while they are acting as guardians, which they can then use for their own children.
Although it’s unpleasant to think about, if your children are under eighteen it is likely you often travel together and you should also consider who should inherit in the scenario where you all die together.
By having a professionally drafted Will you can ensure all you own passes to the people you wish to benefit, rather than passing to those who would benefit through intestacy.
Give us a call now, and we’ll happily answer any queries you might have.