Couples With Young Children
Should Couples With Young Children Make a Will?
The directors of Will Drafters
Ltd, David Crossland and Michelle Hanover, are now urging all couples
with young children to make a Will. Mary Harris met up with them recently
to find out why.
Mary: “My sister and her husband have young children, but why do
they need a Will? I thought everything would go to each other if one
of them died.”
David: “If they are married to each other then normally yes. Although,
without a Will, if either of them were worth over £125,000 when they
died, and this could include the property, the surviving partner would
then only get £125,000 plus 6% interest on half of the amount over that.
The interest would be paid for life but they would not be able to touch
the capital. Everything else would go to the children”.
Mary: “Before we go on to unmarried couples, can you tell us more?”
Michelle: “Yes. Anything in joint names, like a property, would go
to the surviving partner. But if the partner who died owned the property
solely or he or she had other substantial assets such as savings or
some life policies then this is where the trouble may arise”.
Mary: “So tell us about unmarried couples with children”.
Michelle: “At present the law does not give equal status to unmarried
couples. If one partner died then everything they own would go to their
children, leaving their partner with nothing. However, if the partner
who died had no children of their own, for example if the children were
the other partners, then everything would go their parents, if alive,
otherwise to their brothers and sisters”.
David: “And you mustn’t forget that even though the man in an unmarried
couple may be the father of the children, under current law, he doesn’t
automatically get custody of them if his partner dies. She would have
to appoint him guardian in her Will”.
Mary: “That’s quite concerning, is there anything else to consider?”
Michelle: “Indeed, there is one further and very important matter that
couples should take in to account and that’s what they would want to
happen if both were killed together, such as in a car accident?”
Mary: “So, I guess that brings us back to guardianship?”
Michelle: “Yes, all couples will need to appoint guardians to look
after their children. Most people choose a brother or sister. Some choose
parents but you must consider their age before deciding”.
David: “Also, you should appoint at least two trustees who will then
look after the money and make sure your guardians have the financial
support they need”.
Mary: “Can you specify at what age your children are to inherit?”
Michelle: “Yes, although most parents opt for 18 or 21 while a few
prefer 25. Any age over 25 brings up certain tax problems, so is best
avoided. Once your children reach the age you have specified the trustees
would pay them their share”.
Will Drafters offer a convenient Wills-by-phone service and have written
over 90,000 Wills since the two directors founded it in 1990.
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