Why write a will?
It may not be top of your agenda when the bottles need warming and your little bundle of joy is hungry again, but your will, which legally sets out your final wishes and instructions for how your possessions should be divided, can help protect your new family when you’re no longer around.
A will gives you a way to prepare for the future, offering your loved ones peace of mind and helping to avoid heartache later on.
You should generally make or update a will when you experience a major life event, such as getting married, moving home, or welcoming a new baby into the world.
What happens if you don’t have a will?
When you don’t have a will, you have no say in who receives an inheritance from you. Because there is no legal record of your wishes, the state will divide your home and possessions according to the rules of intestacy.
Dying intestate can be especially hard on some families.
For example, if you are not married or in a civil partnership, your partner is not legally entitled to inherit any part of your estate. The same applies to stepchildren and relatives through marriage. In each case, if they believe they are entitled to an inheritance, they may need to challenge the court’s decision.
It may also mean your loved ones have to pay a higher share of inheritance tax on any property you leave behind.
Read: What happens if I die without making a will?
What should your will include for your child?
Writing joint wills
It is a good idea for both parents to make joint wills. Mirror wills let you and your partner create almost identical wills that usually name each other as the sole beneficiary. This helps ensure that, whatever happens to one parent, your baby is in safe hands.
As part of any joint will, which can often be easier and more cost-effective to arrange because it requires less legal time, you should name your child, or the child’s guardian, as the second beneficiary in case anything happens to both parents. Speak to a legal adviser about the best way to do this.
Appoint a guardian
Your will lets you nominate a guardian, someone who will care for your child if both parents pass away before the child turns 18.
Without appointing a guardian in your will, the state may decide who takes care of your child.
Your chosen guardian should, at a minimum, be:
- Responsible
- Trustworthy
- Caring
- Financially stable
It is common for relatives to take on the role, but do not underestimate how significant this responsibility is. Always speak to the potential guardian first to make sure they understand what is involved and are happy to take it on.
For added security, include a substitute guardian in your will in case your first choice cannot or will not act. Once a child reaches 18, the guardianship automatically ends.
Set the inheritance age
You can choose the age at which your child receives their inheritance.
By law, children cannot inherit a gift in a will until they are 18 or over. Without clear instructions in the will, or if there is no will at all, this is when your children would inherit. Until then, their inheritance is usually held in trust.
However, you may feel 18 is too young for a full inheritance. In that case, you can set a higher age, such as 21 or 25. The choice is entirely yours and should reflect what you believe is best for your child.
Appoint your child’s trustees
Although your child may be too young to inherit straight away, a trust can help provide financial security for their future. If they are underage, their inheritance is automatically placed in a trust and must be managed by a trustee.
In your will, appoint a trustee, ideally two or three, to manage this trust in your child’s best interests.
Choose someone who is:
- Responsible
- Financially independent
- Trustworthy
- Financially minded
Ultimately, it should be someone you trust completely to manage your child’s inheritance properly. There are also legal safeguards in place to help protect against misuse.
Where there is no will, any inheritance due to someone under 18 is managed by the estate administrator.
Interim financial arrangements
A trust may provide your child with financial stability once they come of age, but you should also think about what happens in the meantime.
You may want your trust to provide money for essentials such as clothes, books, or school costs. If your child’s guardian is caring for them, you can also make arrangements to ensure they have enough financial support to do so properly.
This part of will writing can become complex, so it may be worth speaking to a solicitor about the best way to make interim financial arrangements for your family.
Other possessions
Making a will is not just about money. When deciding what to include in your will for your child, do not forget the possessions that hold real sentimental value to you and your family. Think about the heirlooms and keepsakes that have been passed through generations.
What would you like to pass on? Which possessions would you want your family to remember you by?
Making a will for your new family
Starting a family is an exciting moment. Make sure you and your loved ones are ready for whatever the future holds.
The Law Superstore helps you find and compare solicitors and professional will writers near you. Answer a few quick questions and you can connect with the legal professional that best suits you and your budget.
If you already have a will, do not forget to review it every five years or whenever your circumstances change, such as moving to a bigger home as your family grows.
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