Welcome to the DAD.Info forum: Important Information – open to read:
Our forum aims to provide support and guidance where it can, however we may not always have the answer. The forum is not moderated 24 hours a day, so If you – or someone you know – are being harmed or in immediate danger of being harmed, call the police on 999.
Alternatively, if you are in crisis, please call Samaritans on 116 123.
If you are worried about you or someone you know is at risk of harm, please click here: How we can help
Hi there,
Having separated earlier this year, with two young kids, I am keen to make some kind of formal arrangement to ensure my assets go to my kids in the event that anything should happen to me. Both kids are very young now - oldest is seven... I am assuming that I would need to set up some kind of trust, and appoint a trustee, who would ensure that any money i might have goes to them when they are old enough. I would also of course want to ensure there is some provision for them before they reach maturity in the event sth should happen to me sooner. What I absolutely would want to avoid is that any financial/property assets go directly to my ex.
Any initial thoughts or guidance would be greatly appreciated.
Cheers,
Brad
Hello bradski,
I would suggest you see a solicitor to seek legal advice. Voice your wishes so that he / she can tell you what your options are. Think them over carefully and choose which are the most appropriate for you.
Choose very carefully at least two Executors and two Trustees. They need to be people of integrity, known to you, people whom you trust implicitly to care for the welfare of your children and to carry out your wishes..
I personally would not choose a solicitor or a manager of any financial institution or any persons who work in a managerial roll at a local authority to be an Executor or a Trustee.
I believe if anything happened to you before making a Will your children would inherit but their Mother could well be their Trustee which is what you do not want to happen.
Do not forget to enquire of the Executors and Trustees that are chosen if they are happy to act in that role. They can be named on Trusts and Wills but decline to be your representative if they chose too should they be called upon to fulfil their role. There is no payment linked to the work they do on your behalf should the situation arise. Sometimes people stipulate a small monetary token of appreciation be made in their Will to the Executors and Trustees but this is normally a polite gesture and most do not include this.
The cost of Wills varies enormously. Once you have decided what you wish to do, ask how much it is going to cost you before going ahead with it. Having decided read the draft copy carefully to see if it meets your wishes.
Remember when writing your Will, especially with Trusts, what may be applicable today may not be in a few years time so give plenty of thought to it as once it is done a Trust is difficult to get annulled.
Everyone should make a Will, it saves a lot of hard work and distress if there isn't one.
What they should also do is review it regularly!
All too often the copy Will is put in the cupboard and never looked at again only to find when the time comes their wishes are inappropriate as circumstances have changed.
Addition - Law firms mainly have a number of solicitors where each specializes in a particular area of law for example, Conveyance, Company Law, Criminal Law, Divorce, Family Law, Wills and Trusts (Probate) etc. You require one who specializes in Wills and Trusts.
Thanks ever so much for this. That's a massive help!
Welcome to the DAD.info forum.
We don’t like to set ‘rules’, but to make sure that you and the other dads are kept safe, we have some requests. When engaging with the forum, please be aware of the following:
- The forum is not moderated 24 hours per day.
- Many of the moderators do so on a voluntary basis. Whilst they may be able to provide some guidance, advice or support, they may not be able to deal with specifics.
- We are not an emergency crisis service so if you or someone else is in immediate danger, please call emergency services.
- If you are concerned about the safety of a child, please click here to find the support you can get for them (link to new page)
- If you are in crisis, please call Samaritans on 116 123. They are open 24 hours a day, 7 days per week.
We hope you find this forum a supportive environment and thank you for joining us.