1: You choose who would look after your children.
Would you leave your children with no one to care for them for a day, a month or forever? No. A Will allows you to appoint your children’s guardians should both parents die before they are 18.
For unmarried couples, if the father’s name is not on the birth certificate, he might not get guardianship unless he is specifically appointed in a Will. Failing to appoint guardians means social services, and not family members, would make all the choices about your children. A Will is the only way to protect your children’s future.
2: You can make sure there’s money to care for your children
Bringing up children is expensive! You can specify how much of your wealth would be set aside specifically for your children, and how they, or their guardians, had access to that money.
3: You can specify where your wealth goes – without a Will it may not go where you think
If you don’t have a Will in place, your assets (property/life insurance/valuables etc) may not go where you want them to. Especially if you are not married to your partner.
4: You choose your executors and/or trustees
Your executor or trustee is responsible for carrying out your financial wishes when you die. If you have children, your trustee would look after and invest the money until your children were 18 or over.
5: You can leave specific gifts to the people you choose
Who gets the family heirlooms? What charities are important to you? Do you want to leave any money to friends or more distant family members? Writing a Will is the only way to ensure these wishes are achieved.