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Client thank you email to Lara Colgan of the Employment Department
Legal News Update
30 August 2011
Making provision for children in your Will
It is important that everyone makes a Will, whatever their circumstances. However, this is never more so than for parents. Not only so that their children are financially provided for but also that an election is made as to who should care for them.
The importance of selecting a guardian for infant children is often overlooked. There have been many cases involving grandparents warring over the care of children. Also, in a modern society, remarriage is common. Parents with a child from a former relationship and a child with a new partner, need to think carefully as to who would look after their children on their death. People are often horrified at the thought that their two children might be separated from one another in order to live with their surviving parent. Advice needs to be sought in relation to these issues.
Should a child under the age of 18 inherit money under a Will then their money will be held on trust for them. It is very important to choose trustees wisely. Often they will also act as executors of the estate. A trustee’s responsibilities are onerous. They must invest money wisely and seek to achieve growth. They also have the power to advance money for education or other purposes and so choosing people who share your values about money is vitally important. It is also possible to elect that children take their inheritance at a later date, for example 21, but if money is to be held beyond the age of 25 additional tax advice may be needed.