So, you’ve survived the rollercoaster of pregnancy and the often-hectic arrival of your bundle of joy, are you ready to tackle the challenges of parenthood? Have you covered all of your bases?
New parents are generally focused on the new and often demanding changes to their lives; sleepless nights with nighttime feeds and the endless nappy changes. The new routines of looking after your baby takes over life completely with all focus being on the child and rightly so.
This can lead to new parents disregarding the prospect of something happening to themselves.
As a Will writer, experience tells me that the majority of new parents have not given this a second thought, as creating a Will is often seen as superfluous until we start to age and accrue our asset base. Then, often Wills are created to ensure your hard-earned assets pass to loved ones.
But in reality, we would all agree that our most precious assets are our children.
Nobody expects to die young, nonetheless, it can happen. Many take out life insurance to protect the financial future of their children, should tragedy strike, but what insurance can be put in place for the children’s emotional wellbeing?
The answer is simple, a professionally prepared Will which contains a Guardianship Clause.
What is a Guardianship Clause?
It’s a specific clause within a Will, which clearly expresses your wishes if something were to happen to you and your partner, leaving your child without a parent. The clause will state who you would like to raise your child, until they become a legal adult at age 18, to protect them financially and emotionally during a difficult time.
What happens if you do not appoint a Guardian?
Essentially, the Courts can step in to decide for you. Meanwhile, your child could be placed into temporary care by the Local Authorities. Not ideal for a little one grieving the loss of their parents.
Who to pick as a Guardian?
An overlooked important consideration, how close are you to the proposed Guardian? In an ideal world you would pick a close family member, but this is not always appropriate, or possible. I myself appointed my parents and then a very close friend, who had raised four of her own children and had a shared moral compass.
You will need to think about the practicalities for your appointed Guardian and if it would be possible for them to welcome your child into their home and family.
Furthermore, do you trust them financially? As often a Guardian will also be in charge of using the funds within your Estate to financially support your child.
Finally, have you discussed this with the proposed Guardian? You would be surprised how many people nominate someone for such an important role, without even asking them if they would be happy to step in to essentially raise your child. But it does happen. We always recommend a family meeting with the proposed Guardian, to discuss the appointment and make sure everyone involved is aware of your wishes. Remember, it is a huge commitment for the proposed Guardian, as the appointment will have a massive impact on their own lives and families.
At Martin Kaye we offer Guardianship Clauses as standard with our Wills. If you are unsure whether a Guardianship Clause is necessary, please feel free to contact us at the Wills & Probate Team and we will be happy to discuss your requirements with you.
