Congratulations on your new arrival! The arrival of a new baby is a momentous event accompanied by a wealth of new responsibilities. As you navigate the exciting journey of new parenthood, your focus is on protecting and providing for your new baby financially and emotionally. Whilst saving for your new baby’s future is high on the priority list, there is one step that is often forgotten: making a Will.
As a Solicitor and a new parent myself, I understand the importance of making a Will to ensure that your child is protected and provided for should you die before your child reaches the age of 18. I also understand that this is often something that new parents either put off or forget about altogether as it is not nice to think about but nonetheless it is one of the most responsible things you can do for your child’s future.
Who Will Look After my Child?
This is the most compelling reason for new parents to make a Will. In the event that both parents die before the child reaches the age of 18 a Will is the only place you can legally nominate the people you trust to look after your child until they reach adulthood. The people who you nominate in your Will are referred to as the ‘guardians’ of the child and they have important responsibilities.
In the event that there are no named guardians in a Will then the choice as to who will look after the child falls to the family court which can result in delays and disputes. This may lead to someone being appointed as a guardian who is inappropriate and not your preferred choice. It can also lead to disputes between family members as to who is best placed to look after the child. It is important to appoint guardians who you feel would be best placed to care for your child and act in your child’s best interests when making important decisions such as where your child is living and where they attend school.
It is also possible to prepare a letter of wishes alongside of your Will indicating how you would wish for your child to be brought up. This could include for example where he or she attends school, what kind of diet you would prefer them to have and what values are important to you to be instilled into your child during their upbringing.
Who Will Inherit my Money?
It is important to state in your Will who you trust to look after your child’s inheritance in the event that your child is under the age of 18 on your death, these people are known as ‘Trustees.’ You must appoint two Trustees to act on behalf of a minor child, and they can be the same as the Executors of your Estate or they can be different people.
The Executors of your Estate are responsible for collecting in all of your assets, paying any debts, declaring the value of your Estate to HM Revenue and Customs, paying any inheritance tax due and applying for the Grant of Probate to be able to collect in your assets and for example sell your property.
The Trustees will be responsible for making payments towards the child’s education and maintenance whilst the child is under the age of 18. They will also be responsible for managing your child’s inheritance and often they will be advised to consult with a professional to ensure that the money is being managed properly and to promote growth where possible.
It is crucial to appoint Trustees as children cannot inherit until they reach the age of majority which is 18. In a Will it is possible to stipulate that you would like your child to inherit at a higher age of up to 25 if you would prefer to change the age of inheritance from 18 to 21 or 25.
Take Action Now
Make sure that you have protected your child’s emotional and financial future by making a Will as soon as possible. Engaging the services of a trusted and friendly professional to help you put in place the best Will for your circumstances is key.
Contact us today to arrange a confidential consultation. We will guide you through the process, ensuring your Will is drafted accurately and protects your new child’s future.
You can call us on 01244 312306, email us on law@oliverandco.co.uk or complete our Contact Form on our website and we’ll get in touch.
