October 07, 2021 by Jen Schreurs
In the Province of BC, this week is dedicated to individuals and families making sure they have a Will. It is one of the most important documents; however, most people in the province don't have a Will.
When creating their Will, a frequent question that arises from young parents is, "What happens to my children if I die?" Associate Jen Schreurs talks about two important pieces of information needed to protect your children.
A question on the forefront of every young family’s mind is, “What happens to my minor children if we both die?”
If we know you have minor children when you are creating your Will, there are two questions we will ask: who will be the guardian of your children, and until what age would you like your estate to be held in trust?
The guardian you have named becomes the guardian of your minor children to take care of them, raise them, and parent them in your place. A Will is one of the only documents where you can appoint that person.
Your estate will also be held in trust until a minimum age of 19. However, you can increase this age to whatever age you’d like. Before your children reach that age, the executor of your Will manages the trust and pays for your children’s care, maintenance, education, basically anything they need – it’s just not in their own names to spend. Once they reach that set age, your children will then receive whatever remains in their share.
Getting a Will in place is incredibly important, especially if you have young children.