Parents want the best for their children and, in general, encourage them to plan ahead and think about the future. A part of that which, sadly, is often neglected, is making a will. You may have made a will yourself, but have you encouraged your children to do so?  

Asking your children the right questions can encourage a conversation  that gives them the freedom and opportunity to speak openly and honestly with you about their estate and what they would like to happen to it when they pass away. It isn’t about you telling them what to do, but rather about explaining to them the value of putting in place a will to get the outcome that they want. Although everyone should make a will, when your children marry or live with a partner, have children of their own, buy property, etc., this becomes even more crucial.

1)       Did you know that there are rules to determine who inherits your estate if you do not have a will?

The key question is, ‘what happens if I do nothing?’. If you die without putting a will in place, the intestacy rules will prevail; these are a set of legal rules that determine who inherits an estate and inheritance follows down the bloodline. This means that none of the following will inherit under intestacy rules:

• Unmarried partners
• Friends
• Charities
• Political parties

This may mean that your estate will be passed to people that you did not want to inherit. And all those loved ones that you do want to inherit something, will get nothing. This is a fact that is not well understood and it is fair to warn your children that this could happen.

2)       Who would care for the children?

This is not a happy topic; however, it is a reality that there are risks in the world. Fortunately, most people do not have to deal with such trauma but if the worst were to happen, you can appoint guardians under your will to look after your infant children. This can bring you peace of mind knowing that your children will be cared for by the person that you have specifically chosen, rather than the family having to sort this out in the event of your untimely death.

3)       Burial or cremation?

You can include in your will details of any funeral wishes you may have. This includes what happens at your funeral - for example there may be a particular song that holds a deep meaning for you - as well as whether you would prefer to be buried or cremated. It’s chance to leave a lasting impression There are so many options nowadays, including green burial sites and other alternatives, it makes sense to write down your wishes so that your loved ones will know they are remembering you in the way you would have wanted. Such assurance can give your family real comfort at an enormously difficult time.

4)       Surely inheritance tax is only for the rich!?

Inheritance tax may be thought of as a ‘rich man’s tax’ but that is not the case. If you own property, there is a good chance your estate will be subject to inheritance tax when you die. This tax is payable at 40% although you can claim certain allowances to reduce your taxable estate. When making a will your legal specialist will assess with you whether they think your estate is likely to be subject to inheritance tax and will discuss with you any options that might be available during your lifetime to reduce the potential tax bill.

5)       Who will deal with your estate?

Making a will gives you an opportunity to appoint people as your executors. They will have legal responsibility for dealing with your estate when you pass away. These are the people that will arrange your funeral, collect your assets, pay any liabilities and distribute your estate in accordance with your will.

It’s important to ensure that you are appointing people you trust and who will be responsible enough to do the job correctly. 

Although conversations like these can be difficult as they talk about death - a topic that we generally prefer to avoid - it is important to make sure that your children understand the implications of not having a will. Bringing this to their attention will encourage them to contact and instruct a will specialist to and allow them to protect what is precious to them.

Above all, remember that making a will is not a one-off task. You should update your will if your circumstances change and so should your children. This includes important life events such as a change in relationships or finances, and especially when children are born.

If you or your children would like to put in place a will please contact one of our will specialists.  I work in our Colchester office and can be contacted on 01206 217609 or leah.woodlee@birkettlong.co.uk.