The time when a will was just for the male senior wealthy citizen are long gone. Nowadays everyone owns assets and this means that everyone should have a will.
The reason why you want to have a will is to complete the ultimate job of every mum – protect her kids.
If you were wondering whether you need a will or not, you are in the right place. Read on to learn more about protecting your children through your will.
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Below is a list of 3 ways you can protect your children with a will. And to motivate you to contact a lawyer and have one drafted as soon as possible – we have also indicated what might happen if you fail to prepare your will in time.
1) Who takes care of the child
I put this point first because many single parents don’t realise how complicated child custody can get after the death of a parent. If the other parent is still in the picture this is a decision you need to take together and address in a common will.
Deciding who will best take care of your children until they are 18 is the most important single act of protecting them when you are not around anymore.
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2) What does each child get
You might see a pattern in your children – one always getting what they want and the other going along with it. Are you sure this won’t happen after you are gone too?
It is the parent’s duty to protect the weaker of their children and a will gives you the opportunity to show fairness in the process of your asset distribution.
Or maybe one of your children helped you build the family business and deserves to have a percentage of it. Or maybe they are well set in their lives and have no need for an inheritance so you decide to donate it all to a cause of your choice.
In any case you are protecting your children from making the wrong decisions.
3) When children can access their inheritance
You can protect your children by limiting their access to your assets as well. Many times having too much at an early age might be harmful for an individual.
On the other hand, you can protect your children with a will by making sure they receive small portions of your assets with time.
Nurturing your children into responsible human beings is a job that doesn’t need to end with your passing. Your will can help you to keep doing it even after you are gone.
Now, if you are 35 and a mother of 3 toddlers, writing a will seems like a pretty far-fetched thing to do, but it isn’t.
Nobody is protected from the powers of nature and knows how long of a life they have left. Imagine your two-year old toddlers going to a foster home instead of being taken care by a close family friend. Everyone is only a car accident away from this scenario.
Life is not scary when you are prepared. Writing a will means preparing to protect your children even after you are not around anymore, and isn’t this what every mum wants?
Please note that this is general information only and is not legal advice. It is important that you obtain legal advice for your situation.
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