We all want to provide for our loved ones but unfortunately many people don’t plan enough for a future after they are gone and presume that their possessions will be inherited automatically by their immediate family. Some people may think their possessions do not add up to much and are not worth passing on to loved ones. However, the value of your assets and deciding who receives your estate is only one aspect of a Will. Using your Will to safeguard your children’s future should be a much bigger priority than it often is, but it is sadly sometimes overlooked due to a lack of awareness and understanding about its significance.
A Will is arguably one of the most important documents you will create during your life time. Its effects can be pivotal to the loved ones you leave behind as it can safeguard your family as well as protecting the assets you built up over many years. If you do not leave a Will you will be leaving these important decisions to the Laws of Intestacy and it is likely that the outcome will not be your ideal scenario. If you want aspects of your Will to remain unchanged should your spouse remarry after your passing then it is important to protect your Will, for example to stop your estate from being inherited by their new partner.
In the eventuality that both parents pass away it is worth stating who should be the guardian(s) of your children. Otherwise, authorities will do so on your behalf meaning your children may not be able to attain the quality of life you would like them to receive and their living arrangements may disrupt their development and happiness.
It is also possible to setup Trusts to benefit your children after your passing or protect the money you leave to them from being wasted. Trusts can be arranged so that children don’t receive their funds until they are 18 which is seen as a better age of responsibility for handling large sums of money. Trusts can also be a great way of leaving financial provisions for mentally disabled or handicapped family members.
There are lots of elements to cover in a Will and it is very important that every eventuality is covered. Rollingsons are respected Will drafting lawyers with the skills and experience required to manage the complicated process of writing and executing Wills. For more information or to arrange an initial consultation, please contact us on 0207 7611 4848.