When we think of Wills, we often think of asset protection for our homes, our savings and other investments. But what about your most valuable asset – your children. If the worst were to happen to you and your partner, what would happen to them?
Appointing a guardian
Under a Will, you can determine who you would like to look after your minor children should both you and the child’s other parent pass away.
A guardian appointed under a Will is responsible for a child’s welfare and wellbeing and takes on all responsibilities and authority that you hold as a parent.
When considering who you should appoint as guardian, consider:
- is the person willing and able to be a guardian for your children?
- what the relationship between your children and your proposed guardian is like; and
- if something were to happen to your first choice of guardian, do you have an alternative?
The key advantage of nominating a guardian under your Will is choice, as you are free to nominate any adult that you feel would be suitable to care for your children.
If both parents of a child fail to appoint a guardian under their Wills, a Court will determine who looks after them, potentially appointing someone that you do not wish to be involved in your child’s daily life.
Whilst your guardian may be willing to look after your children, they may not have all the resources to do so. It is therefore important that you have arrangements made within your Will to ensure that your appointed guardian can request funds from the estate to care for the children whilst they are growing up.
What about the other member of the family?
Just as you can appoint someone to look after your children in your Will, you can also appoint someone to take of your pets should you pass away. You can nominate a specific person or allow your executor to make arrangements and gifts can be made to provide those who look after your pets some financial relief to be used towards the pet’s expenses.
Don’t wait – act before it is too late!
Accidents can happen when you least expect them. Without effective estate planning in place, an already difficult situation for your loved ones can quickly become worse.
Don’t get caught out. Contact the Kells estate planning team to ensure you have proper arrangements in place for your family. Call 4221 9311 today.