What things should you have in your will to take care of your young children?
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What things should you have in your will to take care of your young children?
I have who I would like to take care of them. I also have how I want our money to be divided amongst them (both have different fathers therefore very important it's clear). I really havent' put in alot more than that, just that they must stay together and finances. I guess you could put your preferences for things like schools etc, but I decided to leave it to the circumstances. (Praying never have to worry about all this I might add). xo
I'm sure you should have in it who you would want to take care of your children if all their parents die.
Other than that, I guess that children will by default inherit (after any spouses, before anyone else) your estate. Though of course you could state in your will how much of your estate goes to exactly who.
My parents had adult children (my step siblings) at the time I and my brother and sister were still at school. During that time they had provision in their wills to provide for the education of any child not yet in adulthood at the time of their deaths. Now that all of us are well and truly grown up, that part has gone from their wills, and they will just split everything evenly between the 6 of us.
TBH it's probably something to consult a lawyer about (and I am most definitely not one of those).
our wills were drawn up by a solicitor - we included who we wanted our children to live with, financial provisions for our children and for their carers (ie, sale of house or any super to go into trust, with a nominal amount made available to carers if they show a financial need for the education/medical expenses of our child). we also discussed with the solicitor specific provisions for special items to go to anyone in particular but as children were still hypothetical at that time, we didn't need to do that