Making a Will is something that’s overlooked by so many people. Statistics show that only 54% of adults in the UK have a Will.
The Coronavirus pandemic has highlighted that no one knows what’s round the next corner and that planning for the future is really important.
For you and your family, making sure that you have plans in place for your children is even more important as there are certain things you can do to help safeguard your child’s future, such as putting in place a Will Trust.
Here are 3 important reasons to make a Will.
1 – Protect Your Children
When you make a Will, you know that you are putting something in place that will look after your children in the future when you’re no longer around to.
Planning what happens when you die means that you have some control over it and you can be sure that you’ve done everything you can to make sure all your children, including your child with additional needs, are cared for.
You can use your Will to appoint Guardians for your children so that if you die before they reach adulthood, you know that you have people in place to look after them who you have chosen. After all, you wouldn’t want to have to rely on a Court to choose who cares for them.
2 – Set up a Will Trust
Trusts can play a really important part in the future of all of your children’s lives, but more importantly the future of your child who has suffered from a brain injury.
There are a number of Will trust options for you to think about including what’s called a Trust for Vulnerable People. By setting up a Vulnerable Person Trust, your child could benefit from special income tax treatment.
But Trusts can be used effectively to help protect part of your children’s inheritance if you need to pay for your own care in the future. To make sure that you’re structuring your Will in the most tax efficient way for your children, get advice from a specialist Wills and Trusts Solicitor who can talk through all your options.
3 – Make Sure Your Wishes are followed
Knowing that your wishes will be carried out even when you’re not here anymore is a really important part of making a Will. It allows you to make clear plans so that you know your children are looked after by people you choose. It also allows you to express your wishes about what you want to happen at your funeral. This should give you peace of mind that your children are going to be looked after financially and emotionally even when you’re gone.
You can see that Wills are really important. You can make a free simple Will online, but because you have a child with additional needs it’s important that you make sure they’re fully protected.
I’d suggest making an appointment to speak with a specialist Wills and Trusts Solicitor so you can explore all of your options first.
Jonathan Maskew, Head of Wills and Trusts at Simpson Millar