3 Common Guardianship Mistakes to Avoid at All Costs

When you include guardianship in your Will, you are asked to confront the most difficult worst-case scenario imaginable.

Deciding who should care for your children if both you and your partner die unexpectedly; it probably doesn’t get worse than that.

It might be a horrible thought, but that doesn’t mean you should avoid the issue or rely on incorrect assumptions that store up trouble down the line.

This quick blog outlines 3 of the most common mistaken assumptions made by parents when discussing Guardianship with us.

We hope it helps you to understand the process more thoroughly. Above all, we hope it makes you realise the importance of taking action if you have small children. It really could be the most important document you ever make.

Mistake 1: My family know what my wishes are!

If you don’t write a Will that includes guardianship you won’t have legal guardianship for your children. It doesn’t matter whether your family know what your wishes are.

Without a legally watertight Will in place with Guardianship added you will be placing your children’s’ futures it the hands of the UK Courts.

Yes, the Courts will likely ask for input from surviving next-of-kin but they will only use that information to help them decide what is best for your kids.

If you want to be absolutely sure that your wishes are given the weight they deserve, you must include them in your Will.

Mistake 2: Trusts are for very rich people!

Many people don’t realise how useful trusts can be to help support your children after you’ve gone, so don’t ignore this vital tool.

Unless you specify otherwise through a Trust, your children will receive their full inheritance at 18. This is often far too young for them to make the right decisions for the future, and often results in them selling houses to pay for travelling or other lifestyle choices that they come to regret.  

Think about what age you would like your children to come into any large amount of money – this could be 21, 25 or even later.

If you specify this through a Trust, your chosen Guardians can manage their money for them, paying for things for them from the pot, but making it much less likely that they spend everything before they have had a chance to learn the ways of the world.

Mistake 3: I named my brother as Trustee because he’s family!

Remember that your chosen trustees can be anyone you know and trust. Just because someone is a blood relative, doesn’t mean that they will be the best choice or have the right skills to make important decisions about your children’s education and financial futures.

Often it is better to have a bigger support network for the children, and if you know people who are financially savvy they could help to ensure that your children don’t lose their inheritance before they are old enough to use it properly.

Also, remember that guardians can be appointed to make decisions that don’t just involve money. If you want to appoint a sibling to care for them but know that someone else is better to be the financial trustees, then that’s fine too.

Remember to name people you trust 100%. They don’t have to be family. Close friends also make great guardians, and they often come with less baggage.

They will be looking out for your kids and making big decisions for them, so choose carefully.

Have some more questions? Don’t hesitate to call us on 0800 29 88 66 1 or 020 8340 3102 

Hillman Legal