Who will look after your Kids?

Who will look after your kids if something were to happen to you?

This is probably one of the biggest fears a parent has - not being there for their kids.

While you cannot guarantee that you will always be around to take care of your kids, you can plan for this possibility, simply and cheaply, by nominating someone in your Will.

Not sure who to pick for the job? Firstly, it starts with a conversation with your nearest and dearest to gauge who would be willing and best suited for the job.

Still can't decide. Remember that your Will only becomes operational once you die, so just choose someone, rather than leaving it for Child Protection and foster parents to take on the role. You can change your Will as often as you like to take care of changes in anyone's circumstances.

Then you could leave your guardian the information they need to know about raising your child. Don't know where to start, then check out my book "My Life Manual: Information and Messages for my Executors and Loved Ones" to guide you through the process.

Disclaimer:

The aforesaid is not legal advice and is only general in nature. Please obtain advice specific to your own circumstances, alternatively get in touch with the writer at http://hazelegal.com.au Please note that we do not endorse any of the services mentioned in this article, they merely serve as an example.

Who can Challenge a Will?

So, when the legislature stepped in, they stated that a family member could claim against the estate of a deceased, where that person had a morally duty to provide for the claimant.

For many years this turned into a free-for-all. Many Wills put through the Probate process were challenged by sometimes distant relatives, or people who lacked the need but who were driven by greed, and sense of entitlement or even where the Will wasn’t “fair”, in much the same way as a toddler may think it isn’t fair that their sibling got a bigger slice of cake, even though they have more than enough cake on their own plate.

The Courts were then becoming bogged down with all these claims, made worse by the fact that the legal costs of a challenge were often paid from the deceased Estate, so there was nothing to lose for many.

So again, the Legislature stepped in a tightened things’ up so that only dependents of the deceased could make a claim for support from the Estate. While this was bad news for many prospering law firms, it was good news for the busy Courts and Testators.

Preventing a Challenge

Now the question arises of who is a dependant, and who do we really have a duty to provide for? The answer to this varies in each of the States.

However, if you feel that someone could make a claim against your Estate when you are writing your Will but that you do not have a duty to leave them anything, or more than what you have, there are a few things you can do:

1. Document why you have written the Will in the way that you have;

2. Consider the use of a Trust to own your assets, but this must be set up specifically with the end in mind;

3. You could enter a Binding Financial Agreement with your Spouse or Partner. Second marriages are particularly messy in this regard;

4. Enter a Deed with your family in relation to how you intend to deal with your Estate;

5. Manage everyone’s expectations while you are still alive;

6. Gift important items while you are still alive.

7. Keeping your Will up to date and secure (such as left with your lawyer), to ensure that you’ve considered the changing needs of your family.

 Please leave your comments, or get in touch with the writer if you have any questions.

Download our FREE Guide to Testamentary Trusts and why you Absolutely Need One to protect your family and your hard earned assets. Why let the taxman or someone else get their hands on your money?

The aforesaid is not legal advice and is only general in nature. Please obtain advice specific to your own circumstances, alternatively get in touch with the writer.