With the abundance of tasks and responsibilities that come with being a new parent, creating a Will is often the last thing on your mind. Yet, it is one of the most important things you can do to be sure of your child’s care and protection if the unthinkable happens.
A Will ensures that your wishes for your family and assets are carried out upon your death. Without a Will, inheritance laws determine who is entitled to what.
We understand that parents know what’s best for their children’s individual needs in the future, both financially and for their upbringing. Therefore, by writing a Will, you have the best possible chance of ensuring the care and protection of your child is fulfilled in accordance with your wishes.
Financially, a Will allows you to set out a plan for your child’s finances and gives you control on the trustees that will manage it. As we know, situations vary from person to person, and while the automatic Age of Inheritance of 18 may work for some, you may deem this too young. If so, obtaining a Will would allow you to create a higher age of access and regulate what you believe would benefit your child most. Likewise, insurance policies, pension schemes, and other assets that are held in trusts are not automatically passed down. However, a Will can demonstrate who you would want as beneficiaries providing guidance to the trustees.
Aside from the financial control Wills enable, it also asserts security over who you appoint as guardians. You know your child best, and by personally selecting guardians, you can make sure their needs and growth are taken care of appropriately and set out how you would like them to be raised.
Ultimately making a Will as a new parent is the greatest way you can guarantee the protection of your child’s development and growth. Deciphering the ins and outs of trustees, guardians, and an age of inheritance secures your children with the best chance of a bright future and will give you the peace of mind that everything is left under control.
If you would like to make a Will, we have several people that can assist you here at Mchale & Co. To get started, please call and ask for Philippa Wright on 0161 928 3838 or email mch@mchaleandco.co.uk.