No parent likes to think of passing away. Mainly because they will naturally fear for their children’s safety, financial security, and happiness. However, if you fail to include your children in your will and pass away, you risk your kids living with the wrong person. With the risk of them missing out on inheritance, or receiving assets at the wrong time.

A will protects your children in many ways. This is why you shouldn’t overlook it, even if you are in good health. Learn more about the importance of including your children in your will.

Appointing a Guardian

Wills provide much more than details on how to divide your valuable assets. The document can shape your kids’ future if you pass away. As you can name a guardian and custodian for kids under the age of 18. You might fear even the thought of passing away. However, you must write a will to ensure your children will be cared for by a trusted loved one, which might be a grandparent, sibling, or friend.

If you fail to appoint a guardian in your will, the courts will decide who will care for your children. Unfortunately, it might be a relative you might not want to raise your kids. For this reason, you must choose a loved one who you know will care for your children should you pass away, and then discuss the responsibility with them to ensure they are comfortable with your decision.

Writing a will doesn’t need to be time-consuming or expensive, as Macmillan offer a free will service to help you legally convey your wishes for your children and assets. It will take the stress out of crafting including your children in your will and provide peace of mind that they will be loved and cared for after your death.

Securing Their Financial Future

A will helps you sleep well in your bed each night, as you can flesh out terms to ensure your family is provided for in the event of your death. For instance, it will ensure your partner, children, and/or stepchildren will inherit your savings, investments, property, vehicles, insurance policies, and valuable assets. As a result, it may provide enough money to cover the cost of daily living expenses.

Timing Inheritance When Including Children in Your Will

If you have many valuable assets, you might want to ensure your children don’t receive full control of their inheritance until a specific age, such as 18 or 21 years old. Or you can add specific conditions.

Unless your will states otherwise, your kids might be entitled to your assets once they reach 18 years old. Before they are 18, they can benefit from your assets, but they will not have complete access to their inheritance. Instead, they will be managed by a trustee who can withdraw money to support your children’s upbringing.

For this reason, you must nominate a trusted loved one to become a trustee, as they will be responsible for safeguarding your children’s financial security. For this reason, you may want to appoint more than one trustee to manage your money or valuable assets when you decide to include children in your will.

Author bio

Elisabeth Sedgwick studied Creative Writing and Media at Edge Hill University. She’s spent the past 14 years in digital marketing, producing engaging content for various industries. As a proud mum, she enjoys writing about family, children in your will, health, and self-improvement.