Parents-to-be – What estate planning do you need?

We at Andrew Douglas Wills and Legal Services have put together some information for parents and parents-to-be in Essex regarding estate planning to protect the future of your children.

Having a child is a life-changing experience, and brings with it a brand new type of responsibility as you embark on your parenting journey with your child. The wealth of information available to parents-to-be can be overwhelming; there are many choices to be made, from picking out nursery furniture to schooling. Often, however, little thought is given to the options regarding protecting and providing for your child in a legal capacity.

Here are our top three considerations for parents-to-be (or even those that are already parents):

  • Who should you appoint as legal guardian for your child/children? Although the last thing a parent wants to consider is their own death, it is important to consider that sadly the worst can happen, sometimes with no warning. For your own peace of mind, and to ensure that your child is properly cared for should you die, it is advisable to legally appoint a guardian of your choice for your child. This can be done very simply as an additional part of your Will. If both parents die whilst a child is under the age of 18 and no guardian is appointed, sadly this may mean that the child has to be cared for through State organised care such as foster care whilst the Courts decide upon a suitable guardian. Appointing a guardian of your choice would help to ease the uncertainty and disruption faced by your child in what would be the most distressing time. Should the worst happen, your child would immediately be placed in the care of your chosen guardian who would be able to provide them with the care that they need in a manner that you would wish.
  • Do you need to amend your Will? Having a child, whether it is a first child or a subsequent child, may well change your requirements for your Will. It is always advisable to review your Will periodically to ensure that it still best reflects your wishes.
  • Would it be beneficial to set up a Trust on behalf of your child? Setting up a Trust need not be complicated, it could be a matter of setting aside money for your child to use at a future point in time, or for a specific purpose such as for higher education.

Whether you are already parents or parents-to-be, Andrew Douglas Wills and Legal Services would be happy to discuss your options with you. If you would like any further information, or to arrange a free initial consultation, contact us today, whether in Essex or across the UK.

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