Wills for single Parents
If you are a single parent with children under eighteen, it is essential you have an up-to-date Will in place.
Without one, the Court cannot know whom you wish to act as guardian to your children and may appoint someone who would not have been your choice.
No Will probably means the children’s surviving parent would look after money or other assets which your children have inherited. This may not necessarily be what you want.
Without a Will your children will inherit as soon as they reach eighteen, even though at this age they are almost certainly still not mature enough to manage the inheritance.
If you prefer that they only inherit at a later age or they should perhaps receive a percentage at eighteen and say, a further percentage at twenty-one or twenty-five, then your Will can be drawn up to properly set out these wishes.
In some situations there may be adverse tax consequences of your children inheriting in this manner.
We can explain the potential advantages and disadvantages.
Although it is unpleasant to think about, if your children are under eighteen it is likely you often travel together and you should consider the scenario where you all die together.
By have a professionally drafted Will you can ensure all you own passes to the people you wish to benefit, rather than passing to those who would benefit through intestacy.
CONTACT US NOW, and we’ll happily answer any queries you might have.