It’s never too early to think about wills and guardianship

Talking about ‘the end’ is one of those uncomfortable – but very necessary – conversations that we all need to have. 

It’s estimated about 31 million UK adults haven’t made a will. Even though nobody really likes thinking about the inevitable, putting things off can be an unnecessary burden on your family and friends.

And it’s about much more than what happens to your money.

One of our clients had a sister who died with no will or guardianship in place for her nine-year-old daughter. What followed was a nightmare for the family. Making care arrangements, medical treatment, finding a school, organising anything was tied up in endless red tape without a legal guardian in place.

It’s easy to assume that if both parents die while their child is still under 18, the role of guardian will simply go to the next of kin – maybe a brother, sister, or other close family member. Others assume that a child’s godparent will automatically take up the role. 

The reality is, if it’s not written into a legal document, you can’t take anything for granted. If you don’t name guardians in your will, it could be left to a court to decide. 

That’s why we think that these non-financial arrangements should be as much a priority when you’re planning your will as the financial ones. And it’s never too early to put them in place.

Peace of mind

Like we said, these conversations can be uncomfortable – who wants to talk about dying? But everybody needs to have them. Even us. 

We’re a husband and wife team at Bow Financial Services. So for us these conversations take on even more importance. We need to think about our business and clients as well. Clients want to know they’ll still be in safe hands, even in the event of a worst-case scenario – and yes, they do sometimes ask us that age-old question “What if you get run over by a bus tomorrow?”. 

So we’re able to swiftly reassure them “Don’t worry, you’re covered”. We have a legal arrangement in place among a small network of advisers. If something happens to one of us, another of the group will take over the bank of clients.

It’s simple. We prepare for the worst and hope for the best.

Making sure you’re protected 

And while we’re on the subject of planning for the worst. It’s also helpful to look at how you can keep yourself covered against other nasty surprises. 

None of us know what’s coming around the corner, so setting up a protection plan – thinking about areas such as life insurance, critical illness cover, or income protection – can help take care of your regular monthly outgoings, including your mortgage, if the unexpected happens.

Sometimes it’s those costs that go under the radar – for example, many more of us are calling on grandparents for informal childcare. Being able to call on the extended family in this way can be a great benefit for all sides, but it’s also an area that you might want to consider insuring. 

If all this sounds morbid, then it needn’t be. In life there are always, ‘what ifs’. Taking care of them now and dealing with the tricky stuff makes these things easier in the long run. 

Making sure your estate is in order will give you reassurance that even in a worst-case scenario, you’ve got things covered.

Give us a ring to talk about how we can help you with any questions on wills or guardianship.