Most people understandably do not want to think about death, their own in particular. However, parents should be aware of what can happen to their children if they pass away without a legal will.
Undoubtedly, responsible parents want to protect their children’s futures. Therefore, preparing for the unexpected with a legal consultation should bring you peace of mind.
Drawing up a will at a trusted law firm ensures your specific requests for your children and estate will be honoured. When it comes to providing for your children’s future, a legal will is vital.
Exactly what can happen to your children if you die?
- First of all, selecting a new guardian could take several months. A legal guardian will be appointed to the child(ren) if you fail to appoint one in your will. In the interim, the Public Trustee and Guardian of BC and the Ministry of Children and Family Development will be the guardians. They will be responsible for your children’s finances, health, and education. Alternatively, your children could be sent to foster care. Worse, family members could end up fighting for custody, causing additional stress to your children.
- Without a will, your underage children will not immediately inherit your estate. This could leave them without money to pay for the necessities of life. Nor would they have access to your trust until they reach the age of majority. Alternately, they could receive the entire trust at once. Then the money could be mismanaged by youngsters inexperienced with finances.
- In the absence of a legal will, your estate gets dispersed according to the laws of your province or territory. Your estate includes all the property and belongings you own at the time of your death, with few exceptions. You must write a legal will to have control over how assets are divided among your children and other family.
- Your spouse could receive everything if you’re separated but not yet divorced. Consequently, it’s extremely important to update a written will often as life circumstances evolve over time. Otherwise, your children could be left with nothing. Moreover, depending on the law in your province or territory, common-law spouses may not have rights to your estate to care financially for your children. This leaves offspring financially vulnerable in your absence.
No one believes any of these scenarios could happen to them, but they can and do happen. Contemplating and preparing for the worst could spare your children a great deal of heartache, expense, and conflict.
Make drawing up a will a priority and relax, knowing your child’s future is safeguarded.
Get in touch with the legal experts at Saanichton Law Group today. Call 250-544-0727 or email info@saanichtonlaw.com for affordable help you can trust.
