A few simple steps can help protect your family if anything happens to you. They can also ease some of your own parental worries.
The question that has undoubtedly tormented parents for centuries is: What would happen to my children if I were no longer around?
While life assurance is often the first port of call for many parents looking to protect their children, it only addresses financial security. The bigger question — how care arrangements will be handled — requires careful planning. A high priority should be making a Will and naming a guardian (or guardians) to take on your parental rights and responsibilities.
Single and separated parents
If you are separated or divorced from the other parent and are concerned that your child could lose contact with your side of the family if you died, naming a family member or friend as a guardian can help 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. A Letter of Wishes (see below) is also a valuable tool for setting out your hopes for your children.
Let people know your hopes 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. This can include anything from where you’d like your children go to school, to a request that they attend church or get riding lessons. Letters of Wishes can also be used for other purposes, such as expressing your preferences for your funeral or how a discretionary trust should be used.
Although a Letter of Wishes is not legally binding and does not need to be witnessed, there are still potential legal pitfalls to navigate. For example, certain types of wording could unintentionally call your Will into question. Seeking good advice can easily prevent this.
For most parents, worrying comes with the job description — and it never fully goes away. But while you can’t control everything in your children’s lives, there are some aspects that you can, and should, plan for. Deciding who will be involved in looking after your children if you die is one of the most important.
Published 21 January 2025
