How to write a will: An essential guide for parents of young children

Are you leaving your children with enough for their future?

When children are left without adequate support for the future, it could occur for two main reasons. The first is a lack of proper estate planning, overlooking debts, and failing to account for how much wealth you would have left behind to cover your children’s needs.

Secondly, even if you have done some estate planning, you might not have built sufficient wealth during your lifetime to cover important aspects of your children’s lives, such as providing a home, managing living expenses, and paying for school fees through tertiary education.

Choose the right guardians for your children

Who you choose to be your children’s guardian is a personal decision that requires careful consideration from you and your spouse. Ideally, the right guardians would have the capability and the willingness to perform this role until your children become independent.

Have an open discussion before nominating them in your will, so that they are prepared for the responsibility instead of being caught off guard when the untoward happens.

If you have not decided who should look after your children in the event of your passing, the courts will make that decision for you. Unfortunately, that choice might not be in accordance with your wishes – only you know best who would be the right fit for your children.

Pick capable executors and trustees

Executors and trustees play an important role in managing the assets and money you leave behind. For many couples, the surviving spouse tends to end up being both the executor and trustee. However, you should also consider appointing a trusted alternative executor, in the unfortunate event that both you and your spouse pass on around the same time.

Ensure that you select relatives or friends who are financially responsible and willing to take on this responsibility. Just like choosing the right guardians, having an early discussion can help set expectations for the kind of life you envision for your children, as well as the grave responsibilities your chosen executors and trustees will undertake.

Build sufficient wealth while you can

Ensure that you have adequate life protection by investing in insurance plans that fit within your budget. You might be surprised at how affordable some plans can be, especially if you start early. The key thing to remember is that you do not need to be rich to be clever.

At the same time, build your wealth by saving and investing while you can. Start with a retirement nest egg in mind. Should the premature happen, what you have accumulated early goes towards supporting your family in your absence.

Start preparing for their future by creating a well-thought out will ahead of time.

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