Why making a will is vital for parents
A reluctance to talk about death is understandable – it’s the ultimate eventuality many of us spend our lives trying to ignore.
But failing to properly prepare for the future by making a will can leave those we care the most about facing unnecessary pressures at an emotionally fraught time.
This is particularly so for mums and dads with young children – yet, according to one recent report, only one in seven parents has a will detailing who should take care of their offspring.
Making a will allows you to appoint guardians of your choice – without one, the authorities will take on that responsibility meaning you have no formal say over who looks after your children. In extreme situations, that could mean that an unmarried partner is denied guardianship even though he or she is the natural parent.
A will also gives you the chance to set up a trust for your children’s inheritance. Doing so provides you with some control over your money once you pass away, perhaps laying down certain terms to help protect assets from youthful irresponsibility.
Without a will, your next of kin may face delays in gaining access to your assets, meaning they could have to pay for funeral expenses themselves. There is also the possibility that they would have to pay inheritance tax before receiving any of the funds you had intended to leave them, a problem which often leads to financial hardship and even debt.
We might not like the idea but the reality is that it is never too early to be thinking of making a will. And once you recognise that the process is an unavoidable part of life planning, it becomes less of an emotional task and more of a practical exercise.
How can Gotelee help?
Our team of lawyers, operating from offices in Ipswich, Hadleigh, Felixstowe, Woodbridge and Melton can guide you through the process of making a will to ensure all of your wishes are carried out after your death.
To find out how we can help, call 01473 298112 or email [email protected].
