There are lots of things to think about when it comes to your personal finances. Making a Will is obviously a very important part of things. It is all very well thinking about all the ways that you can make life better for your family, like taking out savings plans or life insurance, but leaving your affairs tidy on your demise is an important matter, too. The benefits of leaving instructions about what happens to all of your assets and how they should be divided are many fold. One area to concentrate on, though, is the appointment of guardians. Read on to find out what this means, who should create a guardian, and how to select the right person for the job.
You should appoint one or more guardians if you have children under the age of eighteen years of age. The role of the guardian is take care of your children should both parents die whilst the children are still under eighteen years old. This means looking after all of their needs, including financial matters, education, childcare, and all other parental responsibility. In fact, the guardian replaces the role of the parent entirely. Do not make the mistake of thinking that you only have to include a guardianship when making a Will if both parents are alive and well. Some people think that they can get around to this job if one parent dies early. The fact of the matter is that both parents can die very quickly or even together, so you need to make the appointment even if you are both alive. Do you want to avoid one of the biggest mistakes a parent can make? Keep reading, if so.
You might be amazed at what happens if you do not appoint a guardian in your Will. The courts will decide who should take over this role and you might not like who they choose. The Court would not be able to take your thoughts and feelings into account should they have to make this decision and they do not know the history of the family or the personalities involved. Not selecting a guardian is a massive mistake. Make sure you say who you want to carry out this job. There is also another error people make. The next tip tells you what that is and how to avoid it.
Appointing just one guardian is not enough when making a Will. Life can be extremely unpredictable and you never know what is in store. It might just be that the person you have selected to be the guardian is either unwilling or unable to carry out the role when the time comes. This could be due to circumstances, for example, if they develop an illness or have to relocate for work reasons. So, to avoid this problem you must choose at least two guardians. One of these should be a reserve so there is always someone available who you want to do this function for you. Again, the courts will decide what happens if you leave it to chance and the original person is unable to perform the duties for you. Want another great tip? Read on to find out how to choose the right person.
You might think that it is pretty easy to select someone for guardianship. However, you need to take into account such factors as their age, their ability to manage money, their childcare experience, how well they know the children and are liked by them, and whether they are happy to do this duty. You should speak to the selected person and have a good conversation about this. Ask yourself if they would take care of your children in the way that you would like. See how seriously they take the responsibility and then start to make your judgement.
Making a Will is one of the greatest favours that you can do for your family. It could save them much heartache and hassle at a difficult time. People with children need to think very carefully about choosing the right people to take care of their offsprings. It might not be all that easy but is absolutely crucial.
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