3 Essentials When Your Child Is Born

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You've has the bag packed weeks in advance. The bedroom in your London apartment is decorated in yellow as you haven't found out the sex. You have nappies and bibs in droves. You think you are prepared for parenthood but that is just the beginning!

As Will Writers and Insurance Advisers the birth is the where the planning needs to start, and start immediately, as you are no longer an island, you are a person or couple that your newborn will rely on and you will feel compelled to help their little vulnerable selves.

There are 3 essentials that need to be arranged before you sit back in the armchair and start to knit:

Make a Will
Arrange financial protection
Utilise the Government gift to open a Child Trust Fund

Make a Will

Making a Will is important whether you have children or not, however almost certainly the most powerful part of a Will is the direction on guardianship. Perhaps it's hard to imagine as you have just witnessed the wonder of life but as parents regrettably we are not immortal. The sad fact is parents can die together or in close proximately be it in a car accident, ...
... contagious illness or from broken hearts.

So how does drafting a Will help? Well a Will is basically a series of wishes spoken to your loved ones after you have passed away. The good news is you write a Will in your life time so you have the opportunity to discuss and record the things that matter to you, such as the welfare of your children should the worst happen.

Our London Will Writing Consultants often find the soul searching of choosing a guardian one of the most challenging a couple ever have to face. Inevitably both partners assume that their respective mother's would be the ideal choice! This is why you should have the debate straight away and the most appropriate place is record the conclusion is in a Will. Consider your child's needs in making the selection. Most people are responsible but a Guardian will have will have to be physically able to interact and play with your child. Does the Guardian live a certain lifestyle? Do they live in a certain place that you would want your child growing up?

Above all make the choice, it is your prerogative. Do not leave your child unprotected as without a Will, if you fail to do so your children will find themselves in Social Services until the Courts decide.

Arrange financial protection

The more skilled Will Writers will also be qualified to write life insurance. Why is this important for young families? Well it basically will replace the income lost by the death of a breadwinner. Most policies are incredibility cheap for young to middle aged parents. A lump sum insurance payment could be set to pay off the mortgage to remove typically the most expensive family bill or alternatively a series of insurance benefit payments to replace the monthly income until the children hits adulthood.

Ask your Will Writer if they are qualified to give this advice, the best always are and invariably they will research the insurance market for you free of charge.

Utilise the Government gift to open a Child Trust Fund

The Government makes a payment to every child, with a further payment in year seven. Use this money to set up a child trust fund that can grow free of savings tax. Parents can also contribute an annual sum without tax implications as well. It is very rare for the Government to provide hand-outs to grab them with both your mits and use it wisely.

Richard Stokes
Niche Advice in London
London Will Writers | London Insurance
E: infonicheadvice.co.uk
www.nicheadvice.co.uk
www.nichewills,co.uk

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