If you are raising a child on your own, planning is about two things: who would look after your child day to day, and how you make sure money meant for your child stays for your child.

These packages are designed to give clear legal instructions and reduce the risk of your child’s inheritance ending up in the wrong hands, or being tied up in delay and expense.

‍Why it can still get complicated

Single parent planning often involves extra layers that do not exist in a two parent household:

• if you die while your child is under 18, someone has to step in immediately for day to day care
• money left to a child cannot usually be handed straight to them if they are under 18, so it needs managing properly
• if you name your ex as guardian or the person dealing with the money, your child’s inheritance may effectively sit under your ex’s control in the meantime
• if your ex remarries, you may want to avoid any situation where assets intended for your child could benefit a new spouse or partner

What you typically need in place

• A Will‍
  
  • Sets out who inherits, who deals with your estate and what happens to everything you leave behind.
• Guardianship provisions in your Will‍
  
  • If your child is under 18, this is where you state who you would want to care for them if you die.
• Trust planning for a child’s inheritance where appropriate‍
  
  • This is often used so money is held and managed for your child until the age you specify, rather than passing into someone else’s control by default.
• Lasting Power of Attorney for Property and Financial Affairs
  
  • ‍So someone you trust can manage bills and finances if you are alive but cannot act.
• Lasting Power of Attorney for Health and Welfare‍
  
  • So someone you trust can make health and care decisions if you cannot.
• ‍Letter of wishes‍
  
  • Helps explain your intentions to executors and trustees and can reduce misunderstandings.

Optional but useful

• A simple information pack for your executors and family‍
  
  • A short list of what you own, where the key documents are and who to contact‍
• Replacement guardian and replacement trustee planning‍
  
  • So there is a clear plan B

Downsides of not having this in place

• Without a Will:‍
  
  • the law decides who inherits and who administers your estate
  • money for your child can become delayed and tied up in admin
  • your child’s future can be affected by decisions made without clear guidance from you
• Without Lasting Powers of Attorney:‍
  
  • nobody has clear legal authority to deal with finances or health decisions if you lose capacity
  • your family may need a Court of Protection which is slow and costly

Payment options

If Sail Legal is handling your conveyancing we can add the cost to your conveyancing bill. We can also offer Klarna so you can spread the cost.

We offer two packages and you can choose what suits your budget and preferred level of risk. Do click for more details: