Becoming a parent has likely forced you to consider your mortality. The thought of passing away and leaving your children behind likely fills you with fear, but it’s smart to take steps to shield them if you can no longer be by their side as they grow older.
As morbid as it might feel to plan for your death, your children might one day be thankful for your sensible and forward-thinking actions. Read this mini guide to protecting your kids after you die.
Write a Will
Every parent should write a will to protect their children’s future. It’s an opportunity to pass on financial assets to your kids and name the person or people who would become their guardians in the event of your death.
Get started by turning to a legal family will service in Cardiff. By doing so, you can trust that your wishes will be followed to the letter when you pass away, which will provide peace of mind that your kids will be protected. You could even place the will into a solicitor’s storage to simplify access for your loved ones.
Set Up a Trust to Control Their Finances
If you’ll leave behind a large inheritance for your children, consider setting up a trust to help manage their finances. It will prevent kids under the age of 18 from spending money on unnecessary items or experiences. You can determine how they will receive the money and how much they are entitled to each year after your death.
Don’t forget to discuss the trust in your will and explain how access to the inheritance will work. It’s a clever way to protect your child’s financial future and may encourage them to make smarter financial decisions as they grow older.
Identify the Best Guardian (s)
You might automatically assume your partner will raise your children in the event of your death. Yet, you might not have considered who will raise your kids if both of you pass away. As morbid as it might feel to start the conversation with your spouse or ex-partner, it’s vital to reach an agreement on your children’s living arrangements should the worst happen.
For instance, your first instinct might be for the children to stay with their grandparents, but you must factor their age, health, and influence into your decision. Once you have agreed on the best potential guardians for your kids, ask your loved one if they would be willing to care for your children should both you and your partner pass away. If they agree, confirm your wishes in your will and encourage your spouse or ex-partner to do the same.
Planning for your kids’ future without you might not feel easy, but these sensible steps could safeguard their happiness, security, and financial future. Don’t be afraid to have difficult conversations with your partner or loved ones to ensure you write a will, set up a trust, and establish living arrangements thatwork for everyone.
