Who will take care of your children when you die? You may not be ready to answer that question, but you should be. Every responsible parent should a will as soon as your first child was born. Death is real and future is uncertain. You will never know what will happen next. In Australia, thousands of children became orphans every year. We don’t wish for it, but there is always a possibility that your child may be one of them, and when that happens how sure you are that your children is well-cared for?
Every parent should take an initiative to write a will that would safeguard the future of their children. Designating a guardian to your minor child in a will can be one of the most significant actions a parent can do its children. Never leave your kids future to fate.
So, how can you make sure that your child is taken care of when you’re gone? You can start safeguarding future of your child by making a legal will. It is advisable that husband and wife have a separate will. Joint wills is not a good is not a good idea since a joint will binds the surviving parent to the provision of the will not give much option for the surviving parent in any case that situations change radically. If you don’t know the basics on how to draft a will better consult a probate lawyer fremantle to help you with the task.
Since you and your spouse have separate will make sure that you name your wife or husband or partner as your sole beneficiary. Otherwise the court might decide to divide your estate and your money between the surviving spouse and the children and may appoint a state administrator to manage your property bestowed to your children until they become of legal age. To make it safer, have your kids as alternate beneficiaries this will serve as a safety net in case that both you and spouse died at the same time.
It is important you choose a guardian for your children. Put it into your will that you choose your spouse to be the guardian of your kids in a case of one you leaves the earth first. Then choose an alternative guardian in any case that either of you die together, or your spouse is incapable of caring the children or is unwilling to take the responsibility. By leaving a legal document of whom you want to take care of your children will save a lot of trouble from disputes in the future. If you die without naming a guardian for you children, it is the responsibility of the court to decide who will be the best to take care of your kids. You have to remember that designating a guardian in your will is not absolute. You may change your mind and update your will the way you see fit.
You should also designate someone or a trustee to manage whatever property you pass on to your children until they become legal adults. If you don’t name a trustee, the court will do it for you. You may choose to have a different guardian and a different trustee or it will be the same person doing both function.
Don’t leave the future of your children to fate. Write your will now, and safeguard their future.