It’s very true that having kids changes your perspective on life in so many ways that you couldn’t have imagined until they were born. Perhaps more than anything else, though, when you look down at that little bundle of joy in your arms, you’re struck with the realisation that now there is a human being in the world who is totally dependent on you.
Given that fact, it’s surprising to know that under a third of the adults in the UK actually get around to making a will. At http://www.blasermills.co.uk/ there’s an article that explains that by not drawing up a will people risk dying without having a say in how their estate will be divided and, perhaps more importantly, not having a say in what would happen to their children following their deaths.
If you haven’t made a will when you die you are said to have died ‘intestate’. Under the intestacy rules, those who die intestate are not able to choose who benefits from their estate, who administers the estate and, if their children are under the age of 18, who acts as their guardian.
All of these things can be decided by you, though, if you draw up a will.
The first thing you need to decide when drawing up a will is who you would like to be the executor(s) of your will. These are the people who will be responsible for sorting out your estate – the property you own, your banking and savings accounts and any shares that you might own, as well as any other assets. They will need to make sure your debts are cleared and then that your wishes of how the remainder of your estate should be divided are carried out. Often people choose a close friend or relative to be their executor, or a solicitor. It isn’t unusual for an executor to also be a beneficiary, so some people choose their partner or spouse as their will’s executor.
Executors can also be named as guardians for your children, if they are under the age of 18 when you die. You may choose to name other people as their guardians, though. If you die intestate, intestacy rules mean that your children inherit at 18, but some parents feel this is too young to deal with sizeable amounts of money. When drawing up a will, you can state a specific age for your children to inherit. Until they reach that age, the money will be held for them in trust and administered by the executors of your estate.
When you set up a trust you can ensure that your assets will be protected for your children until they reach the age you have specified for them to be allowed to manage the money themselves. Some trusts are set up in a way that beneficiaries can draw an income from them. Another advantage of setting up a trust is that it reduces liability for inheritance tax. That’s because any money held in trust is considered as being separate from your estate and so the value of your estate is lowered for inheritance tax purposes.
Making a will is a process that will not take very long, especially if you use a solicitor. And when you’ve done it, you’ll have that reassurance that should the worst happen and you die when your children are still young, then at least they will be taken care of in the way that you would have wished.
Bio: Elena is 44 and mum to Joshua (13) and Leila (5). Elena is WAHM with her own graphic design business. She and her husband made their wills when Joshua was born and renewed them after Elena’s birth.
I hope this article has sunk in enough to encourage you to think about your boys and what you may wish for their futures should the worst happen! It is important to safeguard not only their futures but also your and your partners future!