Whether you’ve already got your kids or just welcomed a new little one to the family, setting up a will for your children is one of the main ways to protect their future.
For the financial side of things, a will sets out who gets what. It allows you to gather all your financial accounts and properties you may hold in one place. This way you’re sure that nothing will get lost in the process. For example, unknown pensions and savings pots. It will also prove to lessen the burden during an already difficult time.
There are also emotional reasons on why you should write a will. Most parents assume that, if they die, their children will automatically be looked after by a close relative. However, unless you have a will which dictates who ‘the legal guardian is’, then the decision is actually down to the courts. By writing a will you can ensure you have the final say.
If you are curious about finding out more, our favourite will writer is Farewill. Their experts’ platform can write a will for you with a range of prices starting from £90 or £140 for couples.
Don't forget, when you invest, your money is at risk. You might end up with more than you put in - or you might end up with less. And remember that what you're taxed depends on your own personal situation, and that can change in the future.
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