Making a Will is a fundamental step in safeguarding the future of your minor children – that is children under 18 years of age. Despite its importance, many parents delay this process, often due to the misconception that Wills are only necessary later in life. However, having a Will in place is crucial for several reasons, especially when you have a young and growing family. A Will ensures that your children are cared for according to your wishes, provides financial security, and minimises potential conflicts among surviving family members. Read more from McNab McNab & Starke, the reputable Wills, estates and succession planning lawyers in Melbourne.
Appointing a Guardian
One of the most important reasons to have a Will when you have minor children is to designate a legal guardian. In the absence of a Will, the Court may appoint a guardian of your minor children, who may not be the person you would have chosen. By naming a guardian in your Will, you ensure that someone you trust will raise your minor children . This choice is crucial in providing continuity and stability in your children’s lives during a difficult time. You can also appoint alternative guardians in the event that your preferred guardian is unable or unwilling to take on the role.
Ensuring Financial Security
A Will allows you to outline how your assets will be managed and distributed with the aim of benefitting your minor children. You can establish trusts in your Will to manage their inheritance until they reach an age where they can handle their finances responsibly. This is an effective way to prevent the potential mismanagement of funds and ensure that your children’s financial needs, such as education and healthcare, are met. Without a Will, your assets may not be distributed according to your preferences, potentially exposing your children to financial vulnerabilities.
Minimising Family Conflicts
The death of a parent is a traumatic experience for children and the extended family as a whole. Unfortunately, the absence of a Will can lead to disputes among surviving relatives over guardianship and the distribution of assets. Such conflicts can be prolonged and distressing, further complicating and drawing out the grieving process for your children. A clear and legally binding Will reduces the likelihood of disagreements, providing clarity and peace of mind for everyone involved.
Avoiding Intestate Succession
If you die without a Will, your estate will be subject to intestacy laws which vary by state but generally follow a strict formula for distributing assets. These laws do not take into account your personal wishes or the specific needs of your children. A Will allows you to tailor the distribution of your estate to suit your personal circumstances, ensuring that your children are provided for in a manner that aligns with your values and priorities.
Appointing an Executor
In your Will, you can appoint an executor who will be the person responsible for administering your estate, paying debts, and distributing assets according to your instructions. Choosing a trustworthy and competent executor is crucial in ensuring that your estate is handled efficiently and that your children, and any other beneficiary you nominate in your Will, receive their inheritance without unnecessary delays or complications. When a person dies without leaving a Will, the Court can either appoint an independent administrator, who may not be familiar with your wishes or your family’s needs or alternatively a surviving family member can make an application to the Court to be appointed as administrator of your estate. That family member may not be your preferred person to oversee financial and legal matters for your minor children.
Planning for Specific Needs
If you have a child with specific needs, a Will allows you to make particular provisions for their care and financial support. You can set up a specific needs trust to ensure that your child receives the necessary resources without jeopardizing their eligibility for government benefits. This tailored planning is essential in providing long-term security and stability for your child.
Final Thoughts: Why a Will Matters to Your Family
Creating a Will is an essential step in protecting your minor children’s future. It allows you to designate a guardian, minimise family conflicts, appoint a trustworthy executor, ensure financial security, avoid intestate succession, and plan for specific needs.
By taking the time to seek legal advice to have your Will prepared, you can provide your children with the care, stability and support they will need in the event of your untimely death. This important task should not be delayed and having your Will drafted by an expert in Wills and estate matters will ensure that all of these matters are taken into consideration to give you the peace of mind you need, and your children the protections they deserve.
Contact Victoria’s Trusted Will and Estate Planning Lawyers
To make a Will or discuss your estate planning needs, contact the experienced Wills & estates team at McNab McNab & Starke on (03) 9670 9691 or get in touch online. We are available in Melbourne, Essendon and Sunbury to assist with legal guidance, Will preparation and much more.