According to the Child Bereavement Network (CBN), a parent of a dependent child dies every 22 minutes in the UK – yet few parents, have made plans for their children’s care should the worst happen.
From the CBN’s recent study it appears that an even smaller number have enshrined these plans in a legally binding Will, which is the best way to avoid any doubt over who should be guardians.
In fact only 25% of the 2,000 parents surveyed said they had an up-to-date Will (with an even larger percentage, 50%, saying they had no definite plans in place for their children’s care).
Putting provisions in place
People named as Guardians in Wills have legal standing and will avoid a lot of the processes and scrutiny they would otherwise have to undergo before assuming permanent care of your children.
Your Will can also make your wishes known in relation to how your children should be educated and otherwise raised – and it will tie up the finances, including how any money left in trust can be spent.
Of course things change. Toddlers soon become teenagers and grandparents get older, so it is a good idea to review the provisions you make every so often to take account of current circumstances.
All of these steps will make life a little bit simpler for the people you leave behind, just when they need your help the most.
Many of the parents surveyed said that they had avoided making a Will or plans for their children’s care because it was too distressing a scenario to think about.
The mortality figures however speak for themselves and actually the thought of leaving a child with no legal care plan in place is probably, for most, even worse.
Drawing up a Will is a simple process in most cases – and we can guide you through the considerations step-by-step. Please get in touch if you would like further details.
- Will drafting
- Review of existing Wills
- Advice re provision for children, second families, spouses and civil partners, unmarried partners and other family members
- Advice re charitable gifts
- Advice re foreign and business assets
- Advice re Will trusts
- Inheritance Tax advice
- Advice re Trust creation and ongoing management
- Preparation of trust deeds and other trust documentation
- Declarations of Trust
- Termination of trusts
Probate and Administration of Estates
- Advice re the terms of the Will or intestacy rules where there is no Will
- Obtaining values for the various assets and liabilities in the estate, notifying the various institutions and obtaining all necessary estate information
- Obtaining a grant of probate or letters of administration as appropriate
- Dealing with and advice re Inheritance Tax, Capital Gains Tax and Income Tax, liaising with HMRC
- Notifying and liaising with the beneficiaries of the estate
- Preparing a deed of variation or a deed of disclaimer in relation to the estate
- Selling or transferring the various assets due to the beneficiaries
- Dealing with foreign assets and Wills
- Advice re estate disputes and claims against an estate