Spring is a season of new beginnings and fresh starts. It is also the perfect time for us to reassess and renew our estate planning. Just as spring lambs represent new life, our children are normally our most precious “assets” and it’s essential to ensure their future is secure. One of the best ways to do this is through the preparation of a Will, with particular attention to the appointment of guardians for our little ones.
The Role of a Will
A Will is more than just a document; it is your voice, ensuring that your assets are distributed according to your wishes and that your loved ones are cared for. Without a Will, the distribution of your estate is left to Intestacy Rule, which may not reflect your personal wishes. This can lead to unnecessary stress and potential conflicts within your family.
Appointing Guardians
For parents, a critical aspect of a Will is the appointment of guardians for their children. A guardian is someone you trust to take on the responsibility of raising your children if you are no longer able to do so. This decision is crucial, as it ensures your children, like spring lambs, are nurtured and guided in a stable and loving environment.
Spring Cleaning for Your Estate Plan
Spring is an ideal time to review and refresh your estate planning documents. Here’s why:
1. Renewal and Reflection: Just as we clean our homes and gardens, spring encourages us to reflect on and update our plans. Use this time to ensure your Will aligns with your current wishes and circumstances.
2. Family Changes: Life events such as births, deaths, marriages, or divorces may require updates to your Will. Spring serves as a good reminder to review and revise your Will in light of these changes.
3. Reassessing Guardians: As you review your Will, consider whether your chosen guardians are still the best fit. Circumstances change, and it’s important to ensure the selected guardians are still Willing and capable of caring for your children.
4. Open Communication: Springtime family gatherings provide a natural setting to discuss your plans with loved ones. Ensure everyone understands your wishes and the roles they may play.
Practical Steps
1. Review Your Will: Take time this spring to review your current Will. Ensure it reflects your current financial situation, family structure, and personal wishes.
2. Consult a Solicitor: If you haven’t prepared a Will, or if your circumstances have significantly changed, consult with a Solicitor. A professional can provide guidance and ensure all legal requirements are met.
3. Discuss with Potential Guardians: Have open and honest discussions with those you are considering as guardians. Ensure they understand and accept the responsibilities involved.
4. Document Storage: Ensure your Will and other important documents are stored in a safe place where they can be easily accessed. Inform your executor and loved ones of their location.
Spring, with its themes of renewal and growth, is the perfect time to prepare or update your Will. By addressing the appointment of guardians and other essential elements, you can secure a bright future for your children. Taking these steps now will provide peace of mind, knowing your loved ones are protected and cared for.
The information provided in this article is provided for general information purposes only, and does not provide definitive advice. It does not amount to legal or other professional advice and so you should not rely on any information contained here as if it were such advice.
Wright Hassall does not accept any responsibility for any loss which may arise from reliance on any information published here. Definitive advice can only be given with full knowledge of all relevant facts. If you need such advice please contact a member of our professional staff.
The information published across our Knowledge Base is correct at the time of going to press.
