For parents with young children, making a Will is not just about deciding who receives your assets. It is also about making sure your children are cared for, protected and supported if the unexpected happens.
No parent wants to think about a situation where one or both parents pass away while their children are still young. However, having a properly prepared Will can give you peace of mind that your wishes are clear and that practical arrangements have been considered.
In Queensland, a parent may appoint a guardian for a child by Will, provided the parent is a parent or guardian immediately before their death. (Queensland Legislation)
Why a Will is so important for parents
If you have children under 18, your Will can deal with more than just money and property. It can help answer some of the most important questions your family may face, including:
Who should look after your children if both parents die?
Who should manage your estate until your children are old enough?
At what age should your children receive their inheritance?
Who should make practical decisions about your children’s education, health, living arrangements and general welfare?
Are there particular family members, friends or trusted people you want involved?
Without a clear Will, these issues can become uncertain and may lead to stress, disagreement or even court involvement at an already difficult time.
Appointing a guardian for your children
One of the most important parts of estate planning for young families is choosing a guardian.
A guardian is the person you nominate to care for your children if you die while they are still under 18. Legal Aid Queensland explains that a testamentary guardian nominated in a Will can make decisions about a child’s long-term care, such as education or religion. (Legal Aid Queensland)
Choosing a guardian is a deeply personal decision. It is not always about choosing the closest family member. It may involve considering:
- the person’s relationship with your children;
- their values and parenting style;
- where they live;
- their health, age and availability;
- their financial stability;
- whether they already have children;
- whether they are willing to take on the role;
- your children’s schooling, friendships and community connections; and
- whether siblings can remain together.
It is also sensible to speak with the proposed guardian before naming them in your Will. This helps ensure they understand what would be involved and are comfortable with the responsibility.
What if one parent survives?
In many cases, if one parent dies, the surviving parent will continue to care for the children.
However, it is still important for each parent to have a Will. Your Will can state what you want to happen if the other parent has already passed away, or if both parents die together or close in time.
The Queensland Law Handbook notes that a guardian clause can appoint someone to act in the event of the death of one or both parents, but where one parent survives, the appointed guardian may need to make decisions together with the surviving parent. (Queensland Law Handbook Online)
This is one reason why clear drafting is important.
Who should manage the money?
The person who cares for your children does not always need to be the same person who manages the money.
Your Will should appoint an executor and trustee. This person is responsible for administering your estate and managing any inheritance for your children until they reach the age specified in your Will.
For example, you may decide that your children should not receive their inheritance at 18. Depending on your circumstances, you may prefer an age such as 21, 25 or another age. Your Will can include trust provisions so that funds can be used for your children’s maintenance, education, health and general benefit while they are still young.
This can be especially important where life insurance, superannuation, property or savings may form part of the overall estate plan.
Think about practical instructions
Your Will is primarily a legal document, but estate planning can also include practical guidance for your family.
Parents may wish to leave a separate letter of wishes dealing with matters such as:
- preferred schooling;
- religious or cultural upbringing;
- contact with extended family;
- medical or special needs;
- extracurricular activities;
- important routines;
- family traditions; and
- your hopes for your children’s future.
A letter of wishes is usually not legally binding in the same way as a Will, but it can provide helpful guidance to guardians, executors and family members.
Do not forget superannuation and life insurance
Many young families have significant value tied up in superannuation and life insurance.
These assets may not automatically pass under your Will. Depending on the fund and policy, you may need to consider beneficiary nominations, including binding death benefit nominations.
Your estate plan should be reviewed as a whole so that your Will, superannuation, insurance and asset ownership arrangements work together.
What about your fur babies?
For many families, pets are part of the family.
While pets are not treated in the same way as children under a Will, you can still make arrangements for who you would like to care for them. The Queensland Public Trustee notes that a Will can include naming who will look after your pets. (Queensland Public Trustee)
You may wish to consider:
- who would be willing and able to care for your pet;
- whether your pet should stay with your children if possible;
- whether money should be set aside for food, vet bills and care;
- any special medical needs, routines or dietary requirements; and
- what should happen if your preferred carer cannot take the pet.
- A simple pet care clause or separate letter of wishes can help avoid uncertainty.
When should parents update their Will?
- Parents should review their Will whenever there is a major life change, including:
- the birth of a child;
- separation or divorce;
- marriage or re-partnering;
- buying or selling property;
- a change in financial circumstances;
- a proposed guardian moving away or becoming unsuitable;
- children developing special needs;
- changes to superannuation or insurance; or
- family conflict.
Even if nothing major has changed, it is sensible to review your Will every few years to ensure it still reflects your wishes.
Final thoughts
For parents of young children, a Will is one of the most important documents you can put in place.
It allows you to choose who should care for your children, who should manage your estate, and how your assets should be used for your children’s benefit if the unexpected happens.
It can also reduce uncertainty for family members and provide practical guidance at a time when your children may need stability, care and support the most.
OneStop Legal can assist with preparing Wills for young families, including guardian appointments, executor appointments, trust provisions for children, estate planning advice and practical guidance about pets and family arrangements.
Plan ahead. Protect your children. Support the people you love.
Disclaimer: This article is general information only and is not legal advice. Estate planning laws and personal circumstances vary. You should obtain legal advice about your specific situation.
