Estate planning and Children

The cornerstone of any estate plan is having a will in place. 

Anyone with children the consequence of not having a Will may be devastating. This issue is often overlooked by parents, remember to stipulate a guardian for your children to cover the eventuality of your simultaneous death. 

Deciding who will raise your young children should you die is a tough task - so tough that many parents never do it, it is imperative to take time and special consideration when deciding who will take guardianship of your children in the event that you die. Your nominated guardian should be stipulated in your Will. 

When a testamentary trust is utilized as a vehicle to safe guard your under age children, appointing the trustees in that trust, is very important by itself. 

Trustees should not be confused with guardians. Trustees are appointed in a Will to administer the inheritance of minor children, or heirs who are not capable of managing their own affairs, in the absence of provisions in a Will creating a trust, a minor child's cash inheritance must be paid over to the Master of the High Court's Guardians Fund for safekeeping until they come of age (i.e 18 years)

Once you have a Will, it is important to review it regularly, and also to ensure that your family know where to find your Will when you aren't around to show them.