The Importance of a Will for New Parents

In the responsibility that accompanies the birth of a newborn, we often don’t have the time nor energy for the other important things in life. Sleepless nights and chaotic afternoons monopolize the time of a new parent, and often the idea of even considering a Will is a passing concern.

However, there is no time more important to create a Will than when you bring a new life into the world. For parents of minor children, a Will doubles as a means of effectively distributing their estate to their children and as a primary method of looking after their best interests were you to unexpectedly pass. Consider, for example, who would take care of your child in the event that they no longer had you?

In England and Wales, the law provides that a Will can be used to establish Guardianship in the event of the passing of a child’s parent. In your Will, you would name the individual(s) designated as guardians for your children, and can also provide them with monies drawn from your own estate that may only be used to provide for your child. However, without this protective mechanism enshrined in a Will, it is entirely up to the Courts to decide who takes on guardianship of your child – and it may not be who you wish it were.

Of course, nobody likes the idea of their child potentially being cared for by someone you, yourself, wouldn’t choose. That is only the first concern, however.

Many parents choose to provide for their children in their Will in the form of a “discretionary trust”. Essentially, this is a mechanism designed to prevent the child from accessing their inheritance until they reach a predetermined age (21, for example, is a common minimum). In setting up this trust, you are able to nominate an individual (who is usually also the child’s appointed guardian) to manage this money on their behalf in a role known as the “trustee”. While setting up this trust, you can define what you would consider to be an appropriate reason to withdraw money from the trust before your child reaches their majority: for example, to assist with paying university fees or living costs.

Without a Will, however, these protective measures to your child’s financial future are not nearly as available. We would always heavily recommend that a new parent pursue the process of creating a Will as soon as feasibly possible, and are here to support them in their endeavour. Accordingly, we are available 24 hours a day, 7 days a week for a consultation and subsequent meeting to determine the contents of your Will.

If you would like to learn more about the process, contact us today on 0117 214 0228 or via e-mail at info@bristolwillwriting.co.uk for your free consultation and fixed fee quote. Please note that we are only available 24/7 for pre-booked meetings and consultations.

The contents of this blog post do not constitute legal advice. Your personal situation will always be considered in full when writing your Will.