EDUCATION SCHOOL PROFILE

the stormShelter from

D

ay-to-day life has a habit of taking over so that all-important matters get forgotten about in

Death, divorce and debt are words we

shrink from, but some forward planning can at least protect our children from the financial fall-out. Elizabeth Neale and Isobel Mundy, of Bircham Dyson Bell LLP solicitors, and Dan Townend offer some advice

52 FIRST ELEVEN SUMMER 2010

the mayhem of remembering whether it’s gym or swimming kit for your children this morning. Given how difficult it is to think about subjects such as death or a relationship breakdown, it is not surprising that many people don’t take the necessary steps to plan for such events. There are a few things which parents should consider in order to protect their children, should life not run as smoothly as hoped.

Death

Have you made a will?

Every parent should make a will. The intestacy rules, which apply to those who do not make wills, are unlikely

to have the result you would want in the event of an unexpected death. Without a will: Your spouse/civil partner will not necessarily get everything.

 get nothing.

 be handed over to them on their 18th birthday.

 be your children’s guardians.

A will allows you to make decisions about what is best for your family rather than relying on the one-size- fits-all intestacy rules. It can also help to mitigate the inheritance tax which may be due. You can use your will to protect your children by choosing guardians to have legal responsibility for them, trustees to manage money and other assets you leave for them,

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