Why Do Young Parents need a Will?

Guardianship

Guardianship is the number one reason (in my opinion) for parents with young children to get a Will drafted. God parents, grandparents or favourite aunts and uncles are not automatically legal guardians should both parents pass away. The reality is, if both parents pass away, the state take automatic responsibility for any children under 18. If there are any discrepancies, uncertainties, or arguments about who will be the legal guardians, the state will take control of the children until those disputes are resolved. This could be a matter of hours, days, weeks and sometimes even months! If you consider a situation where both parents have passed and left 2 children under 18. Both sets of grandparents believe they should be the legal guardians…………an argument erupts. Neither party backs down and quite rightly, the state must take responsibility of the children until they can establish who should become guardians. Who knows how long this could take!

So why do young parents need a Will? To establish who will be the guardian of their children. If you have written a Will and stated guardianship, your nominated guardians will take immediate responsibility for your children!

Protect your Legacy

As your family grows, you may find your assets grow (although it doesn’t feel like it), whether that’s moving to a bigger home or focusing more on saving for a rainy day. One way or another, parents generally accumulate items they would like to pass on to their children and future generations. A simple Will enables you to ensure these items pass to the people you desire. Even if you wish to simply leave everything split equally between your children, a Will is going to help to confirm this. 

Trusts

With the addition of trusts, you can also ensure your children inherit their share of your estate, no matter what. Unfortunately, I get a call too often from people who have ‘lost’ their inheritance to a stepparent or step siblings etc. This happens because generally couples leave their entire estate to their spouse. That spouse then remarries, or has a fall out with someone, or simply end up in care; suddenly the entire estate is at risk. If you utilise trusts within your Will, you can ensure that your spouse has full control of the assets, but the assets (or share of assets) will always end up where you want them to go. Trusts are designed for maximum flexibility for the survivor, but maximum security for the deceased and ultimately the beneficiaries.

Get what you want!

Having a (correctly drafted) Will is going to remove so much stress from a time that is already full of uncertainty and unrest. If you think having the conversation about where you would like things left is difficult now, imagine how that would be for your loved ones without you there to answer the questions. 

Without a doubt, having a Will in place allows your loved ones to rest easy knowing they have executed your specific wishes. Do not let your loved ones ‘assume’ they have done what you wanted. If you want something specific to happen, talk about it and get it written down (in a Will). Without a Will, your estate and children will be dealt with under generic laws, not your own wishes.

Whether it’s with ORCA, or someone else you have a connection with, please please start the conversation about Wills. It is madness that over 50% of the population over 18 DO NOT have a Will; it is even crazier that a large percentage of those without a Will are young parents.

We offer FREE consultation either face2face, over zoom or over the phone at times that suit you. I am a parent, so I know finding time for these things is tough, that is why I offer appointments right up to 10pm. So, get the kids to bed, eat some dinner, then grab a glass of wine and have a chat with me 😊