Becoming a parent is an amazing experience! However it can be overwhelming being bombarded with advice from friends, family, TV experts, baby books… the list goes on!
Whilst we can’t help you adjust to the late nights and early mornings, we can help you to ensure your child has the best possible foundation to build a happy life on.
Now we know this is a bit morbid at such a happy time, BUT the most important thing a new parent can do is to write or revise their Will to include provisions for their new bundle of joy.
There are many things to consider when writing a Will, but here are the most important…
Choosing a Guardian
When writing your Will you will have the opportunity to choose who will look after your children should something happen to you before they’re 18. When choosing a guardian there are many factors to take into account, here’s a few:
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Age and health of your guardians; can they keep up with a toddler or deal with a teen?
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Where your guardians live; would your child have to move school or even country?
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Your guardians relationship with the rest of the child’s family
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The value system of your guardian; religious beliefs, educational views, parenting style etc.
Before officially appointing a guardian you should run it by them for their approval and permission.
Appointing Trustees
If your children are under 18, any financial benefit you want to leave them has to be held in trust until they reach 18. In your Will you can appoint trustees to manage a trust on behalf of the beneficiaries.
Here’s what to look for when appointing the perfect trustee:
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Someone who understands your wishes
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Someone who has no interest in the fund themselves
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Someone who can take and apply appropriate financial advice
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Someone who will be open with your beneficiaries
What Your Children Will Receive and When
In your Will you can leave specific gifts and amounts of money to your children. You can also stipulate when your children will receive their inheritance.
Generally speaking, your children will inherit once they turn 18 but the age of inheritance is totally up to you!
Contact our Isle of Man Wills Advocates
If you would like to speak to one of our expert Wills lawyers in the Isle of Man, call us on 01624 665522 or email us: hello@quinnlegal.im.
Alternatively, you can fill out our online questionnaire and we will contact you.