New parents dream of their child’s first day at the school gate, graduation and even their grown up children’s wedding but the most important thoughts should be of making a Will to ensure a secure future for their family.

What happens if you don’t make a Will?

If you die without making a Will no one will know exactly how you would like your children to be cared for when you are no longer here. Your children’s future could be decided by a court and the state.

Why do I need to appoint a legal guardian in a Will?

The most important aspect of making a Will is to nominate a legal guardian who you know and trust to make the right decisions for your children’s welfare if you and your partner die.

What will happen to my property and money if I die without making a Will?

A Will is important to ensure that your money is used to care for all your children in the best way possible. If you don’t make a Will it will be the state which decides how to distribute your assets. If there are no children from a previous marriage the majority of your money would go to your spouse, or children, if he or she had already died. But it will be more complex if you already have children before marrying your current spouse.

If there are stepchildren in the family you must make a Will to ensure everyone is looked after according to your wishes.

You have to think carefully about how your assets should be divided. If you wanted to leave half of your estate to a child from a previous relationship and half to your spouse and children you could make a discretionary trust Will. This means you could put up to £325,000 into a trust and your spouse and children can continue to live in the family home. Later when your spouse dies the child from the first relationship would benefit from the trust and the money would be secure.

There is an alternative to this type of Will.

Instead you could make a mutual Will and this time you and your spouse agree to name the same beneficiaries to be left agreed sums of money when the second spouse dies. Each Will would contain a clause to say that neither of you can change the terms of the Will without the others consent. Your spouse would have access to all your money in his or her lifetime.

For more information on making a will, or if you wish to complete a Will online visit www.mylawyer.co.uk

I received a £30 Mothercare voucher for publishing this post.

The Future is in Your Hands!