Many people think that if they have children under the age of 18 and pass away, their next of kin will look after the children. This is not necessarily the case, you will need to appoint a legal guardian to look after the children — don’t leave it up to the government to do so. The government will not take your children to a relative, and they will instead be placed into the care system and your relatives will then have a long and costly application for guardianship, taking years in some cases. Losing a parent and then being uprooted and taken to an unfamiliar environment could be traumatic for the children and, in some cases, if the process is taking a long time they could be relocated to a foster home.
We strongly recommend that the person you choose to be the guardian of your children has the same morals and beliefs as you do. They should be mature and confident that they can support your children morally and financially. We can put in place financial help for them from your estate, to help them raise your children and to help ensure that this transition to bringing up your children goes as smoothly as possible. We would also advise that you don’t choose more than one guardian, and it is important to talk to the person you would like to be your children’s guardian before you appoint them to the role, to make sure they are absolutely happy with the responsibility.
LR Connections provides expert independent financial advice, accountancy and estate planning services