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A Will is on everyone’s ‘to do’ list. But do you know what would happen to your children if the worst were to happen? Here are 5 reasons why you should put a Will in place in order to protect your little ones:
1. Guardians - If no one is formally appointed to take care of your children through a Will, you run the risk your children being taken into care, whilst social services run around looking for family members to contact. A court order may have to be applied for and this is expensive and can be extremely stressful for the children. Don’t leave it to social services or the court to decide who looks after them. Make a Will which clearly sets out who you think is right for the job, to take good care of your family if you aren’t able to.
2. Tax – If you (and your spouse) die leaving minor children, your estate goes into a trust and your children inherit the funds outright at 18! That’s right…18!! Imagine receiving a large cash sum when all you care about is how many Jägerbombs you can down in one go. Your family may have to pay some inheritance tax, which could have been avoided if you had a Will in place.
3. Executors - A Will lets you choose who looks after your money on behalf of your children. Don’t leave your family members to fight over who gets what. Let your carefully chosen executors make the right decision. A Will allows your executors to safeguard the assets for the children until it is appropriate for them to inherit.
4. Control – If you are married and die without a Will, some of your estate will pass to your spouse outright on your death. But what if they remarry? Or fall out with the children? There is absolutely nothing to stop them from disinheriting the children and leave your hard earned cash to someone else. Having a Will in place can ensure that following your spouse’s death, the children will inherit, regardless of whether your spouse has changed their Will.
5. Peace of mind – having a Will in place is an essential part of life. Children are often left arguing and picking up the pieces from parents who hadn’t got round to sorting their affairs out properly. Don’t be one of those families! Make sure you protect your assets and give your children the best start in life.
You have worked hard for your money, so make sure it is protected by having an up-to-date Will. If some of these points have rung alarm bells, please contact Sophie Campbell on 01483 411536, who would be happy to answer any questions you may have.