Why all new parents should make a Will
Nov 16, 2018
It is unlikely to be your first thought when your baby arrives. But making sure that your new addition will be taken care of in the event of your death is not something to put off.
Don’t dwell on that alarming thought! Instead, let it motivate you to get your affairs in order. Becoming a parent represents a significant shift in the family set-up. It’s no longer just you and your partner to think about, provide for, and look after on a day-to-day and on a longer-term basis. Our advice? Get organised, and plan for the future. If you already have a Will, you should update it to take account of your new circumstances. If you haven’t yet made a Will, make one.
There are various reasons why this should become a priority. The main one is to ensure that your family stands to benefit in the way you’d like if the worst were to happen. When a person dies without having made a Will (they die ‘intestate’), any intentions they had about distributing their assets in a particular way will not hold up. Instead, the rules of intestacy determine who gets what – and this can lead to a very different outcome to the one that the deceased person would have wanted.
The only way to guard against this, and to ensure that your partner and your children benefit as you would like, is to formalise your wishes in a properly drafted Will. As part of this process, you could look at ring-fencing assets and structuring your estate in such a way as to pass on as much as possible and to minimise tax liabilities when the time comes. Your solicitor will be able to advise you on all of this. They will also advise you on another very important consideration; appointing legal guardians to take care of your children if both you and your partner were to die.
As difficult as you think you might find it to address these possibilities, rest assured that the process of making a Will can actually be pretty straightforward. It is a practical exercise, and one that provides great peace of mind.
Planning a secure future for loved ones ought to be at the top of every adult’s agenda. And it cannot begin too soon. Talk to one of our specialist Wills solicitors today.
For further advice on your specific circumstances, contact our Private Client team today who will be happy to help. Tel: 01264 353411, email: firstname.lastname@example.org or complete our no obligation, online enquiry form and someone will contact you.
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