by jacqui bilson, principal solicitor at bilson law
Ensuring your children’s future! As the New Year begins, it is a good opportunity to reflect and plan for the future. When making your resolutions, take time to consider estate planning to protect your family’s future and wellbeing.
A Will is the cornerstone of any estate plan, outlining your wishes regarding asset distribution and the care of your minor children. This article delves into essential considerations for arranging care for minor children in a Will, providing you with the knowledge to secure their future.
Key Components for Arranging Care for Minor Children in a Will
Guardianship
One of the most important decisions in your Will is naming a guardian for your minor children. This person will care for and raise your children if you are no longer able to do so. Choose someone you trust implicitly and who shares your values.
Trusts
Establishing a trust in your Will can provide financial security for your children. A trust allows you to specify how and when the assets will be distributed, ensuring their financial needs are met throughout their upbringing and into adulthood.
Steps to Make Arrangements for Minor Children in Your Will
List your assets and goals
Begin by listing all your assets, including real estate, bank accounts, investments, life insurance policies, and property. This will help you understand the scope of your estate. Next, consider your goals for your children, like providing for their education, healthcare, or future housing. Clear goals will guide asset distribution to benefit your children.
Nominate a guardian
Select a guardian for your minor children who you trust. Discuss your decision with the potential guardian before drafting your Will and appoint a substitute if your chosen guardian cannot act.
Establish trusts
Establishing a trust in your Will can provide financial support for your children into adulthood. The trust can specify how and at what age the funds will be distributed to ensure your children’s needs are met at different stages of their lives.
Make a statutory declaration
Make a statutory declaration supporting your decisions in the Will, particularly regarding the guardianship of minor children. This provides additional legal support and clarity to your wishes.
Review and update your will regularly
Your Will should be an organic document that evolves with your circumstances. Review and update it regularly, especially after major life events such as marriage, divorce, the birth of a child, or acquiring significant assets.
Guardianship Appointment in the Absence of a Will
If both parents of minor children are deceased and no guardian is appointed under a valid Will, guardianship decisions fall to the Supreme Court or Family Court. Individuals with an appropriate relationship with the children, such as grandparents, aunts, uncles, siblings, or family friends, can apply for guardianship. The Court evaluates applications and decides based on the children’s best interests who is the most suitable guardian. To ensure your children are cared for by someone you trust, it is advisable to appoint a guardian through a valid Will.
Important Considerations for Separated Families
To best protect the wellbeing of your minor children, it is important to understand the enforceability of guardianship arrangements in a Will. This ensures that, if you pass, your children are cared for according to your wishes, even if the children’s other parent survives.
Disputes and family court applications
If the surviving parent opposes the appointed guardian’s involvement, the guardian can seek the Family Court’s intervention. The court will consider factors such as the relationship between the children and guardian, the surviving parent’s reasons for objection, and most importantly, the children’s best interests. It is, therefore, critical to prepare and collate relevant information about your preferred guardianship appointees and store them with your Will.
Conclusion
Making arrangements for your minor children in your Will is a vital step in securing their future and providing peace of mind. By creating a comprehensive Will, you can ensure that your children are protected and have peace of mind knowing that your children will be cared for by someone you trust, even in unforeseen circumstances.
By following the steps outlined in this article and seeking professional guidance, you can create a Will that reflects your values and meets your family’s needs. Here’s to a prosperous and well planned future! bilsonlaw.com.au