LAW OF THE LAND
With Denise Arnold
As parents it is our duty to provide for the needs of our children, but what happens if we are not here to do so?
While it’s not something we like to think about, it is important to have a plan in place to make sure your children’s emotional, physical and financial needs are met in the event of your death.
A Will is a legally binding document that ensures your wishes are met.
When preparing a Will you will need to appoint an executor to make financial decisions, for instance selling property and managing investments. This role is often given to a close family member, and continues until the children reach a nominated age – at least 18, but more likely 25.
You should appoint at least two guardians, responsible for the likes of education, medical and religious decisions.
You will also need to ensure day-to-day carers have access to funds to help meet expenses. Also think about big ticket items. For example, would they need a bigger car or a third bedroom?
The executors, guardians and people caring for your children do not need to be the same people. In fact it is often better if they are not the same.
If you don’t have a Will your lawyer can guide you through the process, giving you peace of mind that your children will be well cared for in any eventuality.
Lyon O’Neale Arnold is holding a FREE legal seminar on Estate Planning & Wills at Tauranga Library on October 18 between 12.30-1.30pm and 5.30-6.30pm. To register call 577-7177 or email firstname.lastname@example.org . The seminar will also be live streamed at www.facebook.com/lyononealearnold.lawyers
- Weekend Sun, June 30, 2017
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