If you are soon to be a parent in Bristol you may be encouraged to write a Will by family members and friends. There are a number of good reasons for this and this article outlines the reasons why.
By far the most important decision is that of Guardian. Without a Guardian clause it will be left entirely to the local authority who should look after your child or children and may cause issues within the family when deciding who would be best placed. Under normal circumstances it would also take the local authority longer on deciding who should care for your child, leaving the child possibly in temporary care.
When Will writing in Bristol it is important not to miss this essential nomination for peace of mind and certainty in the years to come. It is of course important that you speak with your proposed Guardians before you make your Will, they do not have to take on the responsibility.
A bereaved minor is unable to take care of their own finances until they reach 18 years of age. Up until that age money can be made available for their maintenance of education but that would be decided by your Executors, who will also be your Trustees unless expressed otherwise. You can pick an age up until 25 years of age, up until that time money is held in Trust and looked after by the Trustees.
The Trustees will also be able to reimburse themselves for the day to day care of your child and this alleviates some of the considerations on who to nominate. Their personal financial situation is less of an issue with this knowledge.
You can also plan ahead with matters such as gifts. For example when Will writing it maybe that you would wish to make specific gifts, either monetary or items prior to the age in which your child inherits the capital sum. This could be items of a sentimental value or a lump sum payment to help with their studies. All gifts can be drafted to suit the specific requirements of the client and the child.
Of course without a Will it places the child in an uncertain situation. The laws of intestacy would apply and this is particularly problematic if the parents are unmarried. Making a Will by unmarried partners should be top of their list and a must for single mothers.
A bereaved minor trust would be set up on the death of parent where a child or children are involved. The Trustees would have to act in the best interest of the child throughout the process until they attained the age when the capital sum would be released.
Changes in your circumstances should also trigger a review of a Will. Certainly when expecting the birth of a child or separation from a relationship involving children, making a Will is essential. Rose & Trust of Bristol have been helping parents throughout the area to get their affairs in order before new arrivals and you can start the process by calling us on 0117 369 1969.