If you have children, make sure you have a Will. One of the most important reasons for having a Will is because in it you can appoint a guardian or guardians to look after your children. If both parents die in a car crash and they have not made Wills saying who should look after their children, the State will decide.
And don’t necessarily pick your parents as the guardians for your children. Are they up to it? It may be better to choose friends. The guardians will need money. A sudden influx of two teenagers will not be easy to accommodate so think about leaving your house to them so they can sell it and use the money to put on an extension or pay the school fees. Or you could set up a Trust.
If you both die, your kids will have enough problems to deal with. You have the chance to do something to make life a little better for them.
