My daughter woke me up at five o’clock this morning; as if we didn’t know it was her sixth birthday!
A birthday always sets you thinking. If something happened to me tomorrow, would she be okay, financially?
Fortunately, my will is completely done and dusted: I review it regularly and it’s signed and witnessed correctly and stored in a bomb proof, water proof storage unit, known to the executors – the people who would carry out the administration of my last will and testament. They’re the people who are allowed to access the documents and only with my death certificate.
I have ensured that she gets a certain amount from my estate that should keep her financially stable from her current age until she’s at least twenty-five. It’ll give her a good start, if required.
I have ensured that she’ll be looked after by first, second or third choice guardians if necessary. Those guardians have sealed letters stating how I would like her bringing up.
The will ensures that probate will take place much quicker than if there wasn’t a will – a situation called intestacy. A discretionary trust is in place to ensure matters move quickly for her.
The trustees have a side letter explaining how I’d like their trusteeship to work; what I’d expect them to do in the event.
A life assurance policy is in trust to ensure she gets money quickly, even outside of probate and if she’s under eighteen, to be managed and distributed by the trustees.
The trustees and guardians were chosen as people I trust and will carry out their tasks. I trust and believe them.
If I am ever incapacitated for the long term, I have a Power of Attorney in place to direct my finances while I’m alive, but incapable of making decisions. Those attorneys have letters explaining what I’d like/expect them to do.
A pre-paid funeral plan is in place so she (and no-one else) has to worry about organising the funeral. It’s all ‘done and dusted.’ People just have to turn up – if they want to!
We all do this for our children don’t we, because we never know what could happen tomorrow?
Filed under: Legal Advice
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