We are all concerned about our children’s well-being, which is perfectly natural, and there are steps you can take to ensure that, in the event of your passing, your children will have secure financial support. Perhaps the biggest mistake a person could make is to shuffle off this mortal coil without having left specific instructions regarding their estate, and there is generally a misconception that somehow common sense will prevail and the family will be taken care of. The truth of the matter is that the estate would be subject to ancient British laws, which are rigid, and the estate is not always divided as the deceased person would have wished.
Setting Up A Trust
For many people, the ideal solution is to set up a Trust, which will be used to provide for the children financially, and the details can be tailored to ensure their welfare is always assured. In some cases, the legal expert might recommend Discretionary Trusts, which are not bound by a set of fixed criteria, but rather follow the instructions of the Trust creator. A Discretionary Trust, or Family Trust, as it is known in Australia and New Zealand, gives the Trustees a high level of flexibility, and if the Trust is well thought out, it covers every eventuality.
Creating a Trust to support your children in the event of your passing would likely have advantageous taxation benefits, and anyone who wanted to do this would be best advised to approach an expert, someone with intimate knowledge of Trusts and Will writing in general. With their advice, you can rest assured that, should the worst happen, your children are provided for, and with the flexibility to make changes, nothing is set in stone, so to speak.
Every person is unique, and so is their financial status, and for that reason, it is important to talk with a legal expert when planning your family’s future. Once he or she is aware of your situation, they can best advise you on all aspects of estate protection and Trust Fund formation. The world of Trusts and Wills is indeed complex, and for the average person, the right advice is essential, and with the help of the expert, you can make adequate provisions that ensure your family will always be looked after in the event of your passing.
Writing a Will
It cannot be overemphasised just how important it is to make a Last Will & Testament, as this is the only way to guarantee that your last wishes are actually implemented. No one knows when they will leave this mortal plane, and if a person dies without writing a Will, the laws of that country will determine how the estate is administered, which might be far removed from the deceased person’s wishes.
If you live in the UK, there are legal specialists who will come to your home and help you to write a Will, and also give you valuable advice about asset protection.