Posted on 1.2.17
Tasoula Addison, Associate Solicitor in Wills Trusts & Probate at Gorvins Solictors, has been featured in the Spectator’s article ‘Who Gets the Kids If We Die’?
The article talks about the importance of deciding who will get your children if the unthinkable scenario of both parents passing away should occur.
Tasoula Addison, commenting on the ownership of property when parents pass away said:
‘Sometimes people can get slightly muddled here. The property would need to be held in trust for the children and the legal guardians wouldn’t have ownership. This means in the future, the children could sell up and leave you looking for another home. Everyone has to be clear about the implications of each scenario, and be happy about it,’
‘More generally, it’s crucial to establish beforehand how parties expect the guardianship to be funded. What, if anything, do the guardians expect from your estate to finance the care of your children? How does this stack up with what you’d hoped to leave for your children’s longer-term future? Will that university fund end up being spent on everyday expenses if you choose one guardian over another?’
‘Guardians and the executors and trustees of a will are separate functions and may not be the same people. This means guardians may have to apply for sums to pay for things that benefit the children, such as holidays or school fees. The guardians could be provided with a regular income for maintenance of the children, assuming the trust fund is big enough, but every estate and circumstance is different so nothing is a given,’ says Addison.
You can read the full article at http://blogs.spectator.co.uk/2017/01/children-will-financial-planning/