What does a new parent need to think about?

I remember so well back to the summer of 2014…..the longest day of the year. This day was the day Ib...

I remember so well back to the summer of 2014…..the longest day of the year. This day was the day I
became a dad. One of the proudest, yet scariest, moments of my life.
When we left the hospital, the midwifes and healthcare assistants were meticulous in checking that
we could feed and the change the baby. They even made sure the car seat was safe and set up
correctly. Baby made it home safe and sound with two very nervous parents!
You can read all the books imaginable and speak to more experienced parents, but nothing and no
one prepares you for the reality of a new baby. Everyone had some advice to give us! But not once
did anyone mention Wills. To be fair, why would the people around you want to discuss such a
serious matter at a time of joy? You have enough to think about with night feeds, colic, dummy or no
dummy, the list goes on! But……as a parent, YOU are accountable for making sure that this
defenceless baby who now depends on you for everything is safe and protected should the worst
happen to you. So, what should you be thinking about?
Firstly, if you have an existing Will, check it is up to date and now reflects that you have a financial
dependant. Or, if you don’t have a Will, write one! (Whilst you are at it, make sure your other
associated documents are up to date also, whether that is your death benefit through work, your
pension or even your Life Insurance policy. Lots of people have a life insurance policy to protect their
debt but not often do they consider taking protection to cover their children.)
So why is a Will important? In a nutshell, the most precious ‘asset’ in your life is your child/children
and they depend on you in every way. Who will become responsible for your child if the worst
happens? This person is called a legal guardian. In most cases of a couple with a child/children, the
surviving parent will automatically become the sole legal guardian in the event of the other passing
away. But if something happens to both parents whilst the child is still a minor, what happens?
Godparents, right? Wrong! Godparents are not automatically appointed as legal guardians unless it
is specified in the Will. In my opinion all parents should legally be made to appoint legal guardians
for their children but understandably its not an easy decision and this is a reason why lots of people
put off writing Wills: they simply cannot decide!
Whilst appointing legal guardians is paramount, what about financial provision for your child? Who
will manage their affairs whilst they are a minor? What age would you want them to inherit?
Personally, should anything happen to my wife and I my children would inherit at age 25. We
decided this as at that age they should have some life experience that will enable them to make
positive financial decisions. Thinking back to when I was 18, I may have made financial decisions
that I would have regretted!
Our son being born in 2014, followed by his brother in 2016 changed our lives. Parenting is
incredibly hard work, but at least by having our Wills sorted we can say we’ve done our best to
protect them should the unthinkable happen.
As a new or existing parent, if you would like to find out more information about how you can
protect your loved ones book a free consultation with us today.