Estate Planning and Wills (Part 3) Children

When it comes to children a will is of vital importance. A will can be used to protect your children in the case of your death.Many parents neglect to think they could be killed simultaneously. This does happen and believe it or not it happens frequently. Just think how many times your family travels together and or how many times both Mom and Dad travel together without the kids. Many parents have been wiped out together in years gone by and hence the fact there are orphanages.To protect your children in case of your death you need to protect their interests in your will by nominating a guardian and by a testamentary trust. The first issue of guardianship is very important and you need to come to an arrangement with the couple or person you wish to be your children's guardian. This should be prearranged as you would not want the nominated appointment to refuse guardianship at the time of your death.The next point is Testamentary Trust. A testamentary trust is a trust set up in the event of your death and looks after your child's inheritance, the trustees will ensure that the funds are spent wisely on the child's needs until the child is old enough to look after their own affairs usually between 18-21 depending on the age selected by the deceased parent. If this is not selected the funds could either be paid to the selected Guardian or be paid to the State Guardian Fund obviously you would not want your children's money to be managed by the State.If you need this to be added to your will contact me to arrange this..