There are endless things we put time and effort into as parents. Before our babies even arrive we spend hours researching the best car seats and travel systems, investigating baby monitors, and pondering our birth plans.
At the toddler stage, we’re thinking about which developmental toys to buy and the best childcare choices to make. Then, what seems like minutes later, we’re looking into school options.
These are all important decisions but it seems too many of us ignore something even more vital. What would happen to our children and our assets if we were to die?
If you haven’t made a will yet, you’re not alone. A recent survey from insurers Royal London suggests almost 60% of parents don’t have a valid will.
Our own death is an upsetting scenario to think of but it really is something we should plan for, just in case.
Here are five important things every parent should know about making a will:
1 Why every parent should make a will
Creating a will is crucial for all adults but even more so for parents as we need to consider how our children would be looked after in this worst-case scenario.
A will is a legally-binding document that says what you’d like to happen to your estate – that’s your money, property and any other assets and belongings – after you die.
If you die without a will, your estate will be shared out according to a set of rules called the laws of intestacy. These rules usually pass your estate to your immediate family, but there are several possible problems and limitations:
● If you’re not married to your partner, they won’t receive anything – not even the house they live in.
● Even if you’re married, the proportion your partner would inherit might not be the amount you’d like.
They would get the first £250,000 of your estate, plus all of your belongings and half of whatever funds are left over. The other half is split between your children.
● There’s no scope to leave a specific item, such as a cherished piece of jewellery, to a member of your wider family or a close friend.
● The intestacy rules can force loved ones to sell the family home to share out the estate.
● They can also increase inheritance tax payable by your spouse or children.
2 A will isn’t just about money. It helps ensure your child/ children would be cared for in the way you’d prefer
If you die without a will when your kids are still young, a court decides who should look after them.
The decision is made with their wellbeing in mind, but might not involve the person or people you would have chosen.
When making your will, you can specify legal guardians for your children. This should be someone who you’d like to look after them if you and their other parent both die before they’re 18.
You can also add a ‘letter of wishes’ covering any particular preferences about their upbringing, such as activities you’d like their guardian to encourage them to do, requests about school choices or seeing extended family.
3 Making a will need not be expensive, daunting or time-consuming
The benefits of making a will are clear but some people are still put off by the perceived hassle and cost.
One common misunderstanding is that you need to pay expensive solicitors’ fees to make a legally binding will but this isn’t the case at all. You can also use a specialist online will writing service such as Beyond’s. It’s particularly suited to the needs of busy parents, as it makes it extra easy to create a new will.
There’s no need to set up an appointment and traipse to a solicitor’s office, you can do it all online without even leaving home. Plus, the whole process is so quick – typically around 15 minutes – that you can squeeze it in during your little one’s nap time.
Once you’ve submitted your will, for extra peace of mind, it will be checked by Beyond’s experts.
Be reassured that wills created via Beyond’s site are legally binding. Do note though that this service is only suitable for people living in England and Wales, as the relevant laws differ in Scotland and in Northern Ireland.
It’s also only appropriate for simple wills, rather than situations where your financial affairs are unusually complex. For most families this won’t be an issue but if you are unsure, contact Beyond’s team to check.
If this all appeals, Beyond Wills offers a discount to Netmums’ users.
If you use the code ‘NETMUMS20’ at the checkout on Beyond’s website, you’ll get £20 off the price of creating your will. This means fees are as follows:
- A single person’s will – will cost £70 instead of £90 RRP
- A couple’s will – will cost £115 instead of £135 RRP
4 If your circumstances change, it’s important to update your will
Our lives evolve, we might have more children, become homeowners, separate or divorce, or even get a pet. These changes might well mean you should update your will accordingly.
With conventional will services from solicitors, this can be expensive – you might even have to pay the full fee from scratch again. But with Beyond, you can make changes for just £10 a year.
Beyond’s service makes it simple and cost-effective to keep your will updated to ensure it matches your wishes, no matter how your family and life develops.
5 Let someone appropriate know where your will is kept
Once you’ve set up your will, you need to let a couple of appropriate people know where it’s kept.
This can be your will’s executors – close friends or family members who you appoint to take charge of your affairs in the event of your death. Don’t solely rely on your partner for this though, as they could pass away or become incapacitated in an accident at the same time.
Of course, none of this involves the cheeriest of conversations but it’s wise to get your affairs in order, for your children’s sake. And when it’s this simple, why wait?
Some important information from Beyond’s team:
In the checkout section of Beyond’s site you will be asked for your credit card details. We ask for this because you’re automatically signed up to a £10 annual subscription, although you don’t pay for the first year.
This subscription includes unlimited updates to your will, legislation oversight, safe physical storage and free registration for each new will, usually worth £30.
You’ll get a reminder before the year-long free period is up in case you’d like to cancel. Please bear in mind that, if you do cancel and then need to update your will, you’ll have to pay the full £90/£135 again, although then you’ll get another free year of unlimited updates.
If you prefer to cancel the £10 subscription, just drop us an email at team@beyond.life and we’ll do that for you. Even if you cancel it straight away after writing your will, you will still get the first year of unlimited updates for free.
