June 2025 – Nicola Sharp
How Do I Ensure My Children Are Cared For If I Die?
Having two young children myself, the thought has often crossed my mind:
- What will happen to my children when I die?
- Who will look after them?
- Who will manage their inheritance?
- What do I need to put in place to make sure they will be ok?
Ensuring that your children are cared for when you die is important, and it involves legal, financial, and personal considerations. A few of these considerations are detailed below.
- Create a Will
It is important that you have a carefully drafted Will so that you can specify your wish as to who is to be appointed to care for your minor children and how you want your assets to be distributed.
A testamentary trust can help ensure that the money from your estate is used in the way you intend and protect it from being mismanaged. The testamentary trust can provide funds for your children’s future education, living expenses, healthcare, etc. A trustee will be responsible for managing the testamentary trust on behalf of your children until they reach a certain age or milestone. By preparing a Will you will be able to name who you would like to manage the money for your children. This is something we can discuss with you in further detail to see if a testamentary trust/s are appropriate in your circumstances.
At Harris Freidman Lawyers we can also help you prepare a Memorandum of Wishes. This document specifies your wishes regarding the upbringing of your children and decisions you would like the trustees of the testamentary trust/s and guardians of your minor children to make.
You should review your Will every 3-5 years to ensure it remains up to date.
- Appoint a Legal Guardian
As mentioned above, by having a Will you can record your wish for who you would like to be appointed as the legal guardian for your minor children. While this nomination is not binding, a Court will carefully consider the nomination if an application is brought regarding the guardianship of your minor children. It’s important to discuss this with the person you have in mind to make sure they’re willing and able to take on this responsibility.
If you do not have a Will, or do not name a guardian in your Will, a Court may decide who takes care of your minor children, and this may not align with your wishes.
- Discuss Your Plans with Loved Ones
Keep important documents like your Will, life insurance policies, financial records, memberships and any other key documents in a safe and accessible place. Make sure your loved ones (and/or your Executor) know where to find them.
Having open conversations with family members and potential guardians is crucial. Ensure they understand your wishes and are prepared for the responsibilities of raising your children.
By taking these steps, you can help ensure that your children are cared for financially and emotionally if you were to pass away unexpectedly. It’s a tough topic to think about, but planning ahead can provide peace of mind for you, and security for your children.