It’s hard to think about. But what does your Will say about the scenario where you die leaving children under 18 years of age?
Does your Will include specific provisions dealing with this possibility?
Or does it leave it to chance?
If you are relying on a basic Will or Will kit, I can guarantee that as you flick through the few flimsy pages it entails you will not find the answers you are now seeking.
This means your executor isn’t going to find those answers either.
And if these provisions and directions are not in your Will, then they are lost to your children forever.
Let’s look at a few of the important safe-guards that Will Wizard includes in the Wills of parents with children.
CHILD BENEFICIARY PROVISIONS
Will Wizard includes specific provisions dealing with the trusts for young children.
Wills from Will Wizard allow children to inherit via a testamentary trust, which is a special kind of trust that can only be created by a Will that includes testamentary trust provisions (including the terms of the trusts), and can only come into effect on the death of the Will owner. These special trusts provide important and valuable inheritance protection and tax minimisation advantages for the child long-term. To learn more about testamentary trusts click here. These trusts are optional, and the child, once they are 18, can choose whether to use one.
Up until they are 18, your executor manages the trust on the child’s behalf, and are required by law to manage the trust in the best interest of the child only.
By including specific provisions dealing with the trusts for young children, Will Wizard provides executors with the directions to best manage and/or allocate the income of a child’s inheritance until the child has attained 18 years of age (or a later controlling age if one is set by the Will Owner).
This important measure ensures the child receives the proper level of support, care and maintenance that their parent would want for their child up until they are ready to assume personal control.
A further provision is also included to ensure children don’t have to pay for the types of outlays (i.e. special school trips or sporting events) their parents paid for during their lifetimes for elder siblings.
GUARDIANSHIP OF YOUNG CHILDREN
It is difficult to consider who you would you want to take care of your children if you were not around to do so.
Will Wizard® includes clear guardianship provisions to strengthen the probability that the right people are chosen to take care of your children should you be unable to.
Will Wizard customers are provided the opportunity to nominate single guardians, or multiple guardians to share responsibility, and to nominate second choice guardians in case first choice guardians are unable or unwilling to act.
The final decision is up to the Court, however it is important that the Court understands who the parent’s preference is.
As part of our Guide For Will Owners that is included in every Will Wizard portfolio, parents are encouraged to leave a signed letter with their Wills portfolio outlining the reasons for their decision regarding who they would prefer as guardian of their children. This letter would be presented to the Court for further clarification as to your preference.
Will Wizard provides the option for parents to nominate a more mature controlling age that a child must obtain before they can have full control over their inheritance, rather than the usual 18 years of age when they would normally be able to take control over their inheritance.
Parents can pick any age between 18 & 30 years of age, and we recommend an age of at least 25 years because we believe it is an important protection that allows young beneficiaries to have access to their inheritance for education, housing and general welfare purposes, while limiting the risk of young beneficiaries making poor financial decisions.
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Will Wizard Co-Founder
As always, if you have questions about the suitability of any Will for your needs and circumstances, seek independent legal advice.