• March 28, 2024
 Why it’s important for parents to write a will

Why it’s important for parents to write a will

Establishing and updating a will is important for all, but especially for new and existing parents. Client’s should be made aware having a will ensures their children have security for the future, and plans can be set in place to make sure affairs are taken care of after their death.

Those with children need to consider all aspects of their lifestyle and state in their will what they would like to happen to their children when they’re no longer around. Wills also need to be kept up to date in order to adapt to changing family circumstances.

An important aspect for parents to deliberate is selecting a guardian, which can be very daunting for new parents especially.

Will writing clients can be reassured, if you inform them that accompanying guidance can be included with a will, which can be used by chosen guardians. This may state a variety of wishes from the parent, including how they would like their child to be cared for and plans put in place for their future.

A parent’s will should also include details of their child’s inheritance. They can take a flexible approach with this and provide funds as and when they are needed, such as to help with education, wedding costs, or buying a first home. Alternatively, an estate can be distributed to children at any given age or time the parent sees fit.

Powers of Attorney are another key factor to consider as parents. They are there to handle a range of affairs on a person’s behalf, should they not be able. This can include anything from legal issues, to financial and welfare matters and client’s need to consider all important aspects such as:

  • Paying bills
  • Managing property
  • Decisions on medical treatment
  • Care provision

Having such imperative considerations to factor into creating a will only shows the need to have a wills and probate professional for guidance. It is also a good time to review financial situations, so having a qualified financial expert would be of great benefit.

Will writing is not only about thinking of current circumstances, but setting the future for generations to come.

General News