Wills for new parents
So you have your new baby in your arms and there’s so much to think about, from prams to healthy food, but top of that list should be to make a Will.
Think of it this way: “I’m going to put a plan in place for my baby’s future just in case something happens to me.”
It really is the most important thing you should do for your baby and consider these questions.
What will happen if I don’t make a Will and I die?
Well, no one will have the legal right to look after your children and the courts and the State will decide who will care for them. But if you write a Will you can name a legal guardian who you know and trust to care for their welfare. This will give you peace of mind knowing your child will be looked after if you die.
What will happen to my property, money and belongings, (known as my estate) if I haven’t made a Will?
Yet again the State will decide how to distribute your estate regardless of anything your relatives may say. The majority of your estate would go to your spouse, or if he or she has died, to your children.
Would children from a former relationship lose out if I haven’t made a Will?
Yes they would. You see it becomes complicated if you die intestate (that means without a Will) and you have children from a former relationship or step children.
But there are two types of Wills you can make in this situation and they are a discretionary trust Will and a mutual Will.
What is a discretionary trust will?
How this works is that if you want to leave half of your estate to a child from a former relationship you can put a share of up to £325,000 into a trust and the money can’t be touched until your spouse dies. This means that your spouse and children could stay in the family home.
What is a mutual Will?
For this Will you and your spouse would have to name the stepchildren and children, as beneficiaries and how much they receive after both of you have died. The Wills would have clauses to say neither of you can change the Will without the consent of the other. In this case your spouse would be able to manage all your assets and no money would be held in trust.
To find out more about making a will visit www.mylawyer.co.uk
