SAFEGUARDING THEIR FUTURE: WHY GUARDIANSHIP MATTERS IN YOUR WILL
Released On 6th Jul 2023
What is the first thing that springs to mind when thinking of Wills? For most, it’s about planning for the future, providing financial security for your loved ones, and making sure your assets are protected for generations to come. But what if something unexpected happens sooner than you think, what if you don’t have a Will and what if you are a parent of young children?
In a study carried out by Will Aid, it was established that as many as 56% of UK parents do not have a Will. Whist wills are important for everyone, the urgency is perhaps greater for parents of children under 18 for one major reason: Legal guardianship.
So, what is legal guardianship and why is this such an important consideration for your Will if you are a parent?
In this blog, we discuss legal guardianship and some of the reasons why it’s so important within your Will. The aim is to help you take the first steps to getting the peace of mind you need and deserve for your children, in the unlikely event that you were to die unexpectedly.
WHAT IS GUARDIANSHIP?
Guardianship within a Will refers to the legal provision where an individual, known as a guardian, is designated and entrusted with the responsibility of caring for and making important decisions on behalf of your children in the event of your death. Guardianship provisions in Wills are compulsory in UK law for parents with children under the age of 18. By declaring guardianship in a Will, you as the parent, have full control over who will become the legal guardian of your children in the event of your death, instead of leaving this in the hands of the law.
HAVING YOUR CHILDS BEST INTERESTS AT HEART
There is no one on earth who knows and loves your children as much as you do and whilst the thought of you dying and leaving your children without their parents doesn’t bare thinking, perhaps even worse would be having no say in who becomes their legal guardian in your absence. Unfortunately, if you are one of the 56% of UK parents without a Will, you will be leaving the legal guardianship of your children following your death firmly in the hands of UK Law.
By naming a guardian in your Will, you are in control, ensuring your children are entrusted to someone who you choose and who you are confident shares your values and parenting style.
AVOIDANCE OF CONFLICT
Without clear instructions relating to guardianship, disagreements between family members and friends can surface, creating unnecessary conflicts and emotional distress at an already difficult time in your relatives’ lives.
By explicitly stating your chosen guardians in your Will, you are able to provide clarity to your family members and friends, prevent unnecessary feuds and provide the reassurance your relatives deserve at what is already a challenging time.
STABILITY AND CONTINUITY
The loss of a parent is life-changing and incredibly difficult for children of any age. As a parent, you will want to do everything in your power to ensure your child’s well-being and stability through this difficult time. Although it’s no replacement for a lost parent, selecting the right guardian for your child will greatly ease the transition and help to maintain a sense of normalcy for their emotional well-being.
Invest time to carefully consider who the most appropriate guardian would be, the person who you know would care for them as if they were their own, so that you can rest assured that your child has stability and a level of continuity at a time of upheaval and distress.
INHERITANCE MATTERS
It’s important to highlight that in the absence of a Will, laws dictate the distribution of your assets. Whilst your child is likely to be a beneficiary of your Will in the eyes of the law, the way in which they inherit your assets may not be best for their future.
For example, without a Will, your children may inherit their share of the estate directly, which may be problematic if they are minors. The court may appoint a guardian or conservator to manage the inheritance until the child reaches legal age. This has the potential to result in unnecessary expenses, delays, and risk of mismanagement.
By naming a guardian and setting up a trust within your Will, you can ensure that your children’s inheritance is protected and managed responsibly until they reach a suitable age.
DON’T LEAVE ANYTHING TO CHANCE
Above all else, the most compelling reason to establish guardianship in a Will is peace of mind. The knowledge that if you were no longer here, your children would be well-cared for according to your wishes.
Alleviate anxiety and rest assured that your child’s future is considered allowing you to make the most of every minute and enjoy your time together.
THERE IS NO TIME LIKE THE PRESENT
If only we had a crystal ball to tell us our fortunes and futures. Instead, life can hit us with all kinds of cruel twists and turns, and you never know when your time will come. Don’t leave anything to chance and prepare yourself as soon as you can. There might be costs, and the process can feel uncomfortable, but when it comes to your children’s future it really does pay to write your Will properly, sooner rather than later.
Whilst there are an increasing number of do-it-yourself Will documents promising a simple remedy and a quick fix. Do not underestimate the importance of getting your Will right. With lots of variations and changes in the law, it really does pay to invest in the support of someone in the know.
If you are looking for a friendly and approachable law firm in the South West, with transparent fees, able to guide you through the Will writing process step-by-step to ensure your every interest in considered, contact the wills team at AmicusLaw today.
