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Why You Should Prepare a Will if You Have Children
It is every parent’s wish to see their children become adults and get the means to live independently. Unfortunately, no one knows when they will die and you cannot, therefore, rule out dying before your children become adults. The possibility of leaving your children young is what makes it important that you prepare a Will. Here is a look at how a Will benefits your children.
Allows You to Decide Your Children’s Personal Guardian
If upon your death there is no capable parent to take care of your children, it is the courts that will appoint a guardian to take care of them. Even though the courts usually go for somebody who is most likely to fulfil the interests of your children, the person chosen may not be the one you wanted. By having a Will you make sure that the person the courts will appoint as a guardian to your children will be a person of your choice.
Allows You to Decide How Your Property Should be Divided and Shared
If you die without a Will your assets and property will be divided and distributed to surviving relatives according to the Law of Intestacy which has been in operation since 1925. For instance, according to this law, if you die and leave a spouse, the whole of your estate will be left to your surviving spouse if it is less than £250,000. Your children only get an inheritance if your estate’s value is above £250,000. With a Will in place, you ensure that all your children get something even if the value of your estate is less than £250,000. Apart from ensuring that your children get something, you also get to decide how much each of your beneficiaries get.