COVID-19 – Wills and Estate Planning- Can you appoint guardians for your children in your will

The COVID-19 pandemic has resulted in the increased demand for Wills whether young and old starting to think about estate planning. With the induced mortality rate of COVID-19 being constantly presented to us, it is not difficult to understand why the demands for Wills increased.

On our previous article on Wills, we discussed the importance of making a formal Will. Today, we will talk about succession planning.

Succession Planning – Appointing guardians for your children in your Will

Having children adds an exceptionally important component to succession planning. Parents of young children need to consider the candidates they have in mind to appoint as legal guardians should they die before their children attain the age of 18.

A legal guardian can be appointed by a parent for their minor children by naming the person as their chosen guardian in their Will. Parents are generally advised to provide alternative guardian to step in in circumstances where the first appointed guardian is unable or unwilling to take up that responsibility at the time of their death.

If no guardian has been appointed, unnecessary disputes between family members and confusion on who to take up the responsibility of raising the children could occur. By parents making their wishes clear in their Will, it clarifies any doubt on the issue and reduces the chances of disputes arising.

A trustee/ executor can access funds on trust for your children’s education, welfare and health needs.

The power entrusted to the Trustee/ Executor is clearly defined in a will and normally these powers are of a fiduciary kind.

Although it is not necessary to engage a lawyer to make your Will, it is a risky option to make. It's important to get your Will made by a professional to avoid errors and gaps as you might risk the Will being challenged by someone or ruled invalid by the Court.

Our Process During This Time of Uncertainty

Client’s Instructions

Our firm is very mindful and is strictly complying with new policies by the Australian Government regarding social distancing. Thus, we encourage our clients to provide us with instructions through online or telephone conferencing provided by our firm.

Executing the Will

We will prepare your Will according to your instructions and email/post it to you to review. Once you are satisfied with the Will prepared, we will arrange a time for you to attend our firm to go through the Will with you one more time to finalise your Will before it is executed.

Please note that this article does not constitute legal advice and Straits Lawyers will not be legally responsible for any actions you take based on this article.