If you have children who are under 18 you should consider who will care for them if you die. It is irresponsible not to!
How can I do that?
Anyone who has parental responsibility for a child may appoint one or more individuals to be that child's guardian. The effect of the appointment varies depending upon whether or not the parents are married.
What do I need to think about?
- Clearly it is preferable for both parents to appoint the same people.
- Who? Perhaps a couple with experience of bringing up children, members of the family or friends who are already well known to and liked by the children.
- If they are old enough, talk to your children to find out their view.
- Discuss it with the proposed guardians in advance to ensure that they are willing to act.
What about the financial aspects?
Usually the Will sets up a trust fund to provide for the needs of the children e.g. education, holidays etc. You should consider whether the guardians will manage the trust fund or whether this responsibility should be given to some one else or shared. The circumstances in each case will be different:
- The guardians could be appointed trustees, jointly with perhaps a solicitor or accountant.
- The guardians will be best placed to know the needs of the children.
- But the guardians may be regarded as the advocates of the children and the trustees as the judge of conflicting claims!
- On balance it is probably sensible to separate the functions of guardians and trustees so that there is at least somebody supervising, checking and controlling what money the guardians are drawing on behalf of the children.
How much will it cost?
Please just ask us - an enquiry costs nothing! We understand professional costs are a major concern for clients. We are flexible and transparent and provide various options to suit your needs.