Wills – Will your children be taken care of?

21 Jul 2021

When you die, your assets will automatically go to your spouse and kids. Right? Wrong!

A will is one of the most important documents that you will ever sign. With a will in place, you can provide the right security to the people who matter most to you and prevent unnecessary stress and legal hassles.

It is not only an instruction as to how your assets are to be distributed but may also include any last requests or instructions that you wish to convey. Especially with regards to your children. Being an expat in Spain, it is recommended you have a Spanish will drafted.

  • Have you included who your children’s legal guardian will be if both parents die? – They could end up with a family member you did not select to raise them.
  • If you have left them property, who will take care of and maintain the property if they will not be living there until they are adults?
  • Have you thought about how your children will be raised with regards to religion, education, where they will live etc? This all will affect the guardian you choose.
  • Have you considered if their guardian will control their inheritance or trust fund, or perhaps a lawyer is better suited?
  • Have you decided how their inheritance is to be distributed? e.g. a portion at 18, and then 21 and then 30 if the inheritance is substantial. You don’t want them to waste their inheritance in their youth.
  • What about your children’s education? Have you made provision for them to attend certain schools?

These are all very important factors that you need to consider when drawing up a will. It is advisable that you speak to your financial adviser to draw up a will to cover all these specific aspects of your children’s wellbeing. [email protected]

Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere adviser for a personal consultation.

* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.