A few simple steps can help to protect your family if anything happens to you. They can also settle some of your own parental worries.
It’s hard being a parent nowadays. Not only do you face issues that didn’t affect previous generations - such as social media usage - you’re also at constant risk of falling foul of labels like ‘helicopter parent’, ‘tiger mum’ or ‘snowplough’.
But worries about modern parenting subside to nothing beside the bigger question that has tormented parents for centuries: what would happen to my children if I was no longer around?
Life assurance is the first port of call for many parents looking to protect their children; another high priority should be making a Will and naming a guardian (or guardians) to take on your parental rights and responsibilities.
Single and split parents
Naming a guardian in a Will can be especially reassuring for single parents.
Let’s say you are separated or divorced from the other parent, and concerned that if you died, your child could lose contact with your side of the family. By naming a family member or a friend as guardian, you could keep them involved in your child’s upbringing.
Other safeguards
You also have other mechanisms available to provide reassurance about your family’s future. For example, trusts can offer long-term security for younger children, vulnerable children or adults, whilst a Letter of Wishes (see below) is a useful place to set out your hopes for your children.
Let people know your hopes and fears in a Letter of Wishes
A Letter of Wishes sits alongside a Will and tells executors, guardians, trustees and family members about your hopes for the future – anything from where your children go to school to a request that they go to church or get riding lessons. They can also be used for other purposes, such as expressing your preferences for your funeral or how a discretionary trust is used.
Although a Letter of Wishes is not legally binding and does not need to be witnessed, there are still legal pitfalls to navigate. For example, certain types of wording could lead to your Will being called into question. Good advice can easily avoid this.
For most parents, worrying comes with the job description and won’t go away. But even though you can’t manage everything in your children’s lives, there are some aspects that you can – and should – control. Deciding who will look after your children if you die is one of them.
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