Many people think that writing a will constitutes a final act; something they do before they die. However, more people are writing wills at younger ages, especially if those people own property and businesses. It is important to update your will when certain changes occur in your life, for example - having your first child. Here are some things to think about when writing your first child into your will.
- What would you like to leave your child?
Aside from the obvious point of ensuring that they are well provided for by leaving part of your estate to them, are there any particular heirlooms or family possessions that you would like to pass on? Using your will to keep family traditions going is a nice thing to do, so it is worth thinking about things other than property to leave to your child.
- Appointing a guardian
It isn’t a nice subject to approach, but something could happen to you and your partner, meaning that your child would be left without a parent. It is vital that you use your will to stipulate whom you wish to take over caring for your child in your absence. If this is not mentioned, then care of the child would be passed over to the courts to decide, and this is not something anyone wants to happen. Although a will can be disputed, the question of whether challenging a will is the right thing to do always arises. So it is best to tackle this situation early, to avoid any problems with the court.
- Inheritance Tax
If your estate is valued over a certain amount (£325,000 at the time of writing in 2013), then 40% tax is levied on your estate. Although your spouse or civil partner is exempt from having to pay tax on anything you leave to them, your children are exempt from this rule and anything you leave to them will be subject to tax.
Once you have revisited your will, and got these important things out of the way, then you are free to enjoy the happiness that the birth of a new child can bring. Visit specialist solicitors like Disputingwills.co.uk on inheritance queries you may have.