A young unmarried couple with children approached me after speaking to their financial advisor who recommended they should make Wills.
The couple had three main concerns:
1 That each other was protected in the event of either dying.
2 To ensure that the children are looked after should both parents die.
3 That the children don’t receive the money left to them from parents before they are old enough, however that it is still available for their education and care.
Without having a Will the law of intestacy would not provide for the surviving partner as they are unmarried and the children would be entitled to their inheritance at age 18 which may be considered too young. No provision would be made for the children and in certain circumstances, the court may have to decide who looks after them.
We arranged a standard Will to ensure that the property and savings pass to the surviving partner and that in the event of both partners dying the children would now receive their inheritance at age 25. This, however, includes the provision for them to receive money for their education and care needs.
We also included the provision for the mothers' sister to act as Guardian if the parents were to both die and the children are still under 18.