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What Happens to My Children if I Die?
If you were to die unexpectedly, what would happen to your children? Largely, most people do not want to think about the inevitable—not taxes, but death. Nevertheless, when it comes to providing for your children’s future, it is necessary to deliberate about what would happen in the event of your untimely death.
If you want to protect your children’s futures, it’s worthwhile to know what could happen if you were no longer around. Preparing for the unexpected with a legal consultation should bring you peace of mind.
A legal guardian will be appointed to the child(ren) if you fail to appoint one in your will. In the meantime, the Public Trustee and Guardian of BC and the Ministry of Children and Family Development will be the guardians. They will be responsible for your children’s finances, health, education, and nurture. Choosing a new guardian could take up to several months. Meanwhile, your children could also be sent to foster care. Furthermore, a contentious dispute among family members could result as they fight for custody.
Your offspring will inherit your estate if stipulated in your will. Without one, your underage children will not have access to your trust until they reach the age of majority. They may receive the entire trust at once. Thereby, the money may be mismanaged by young adults inexperienced with finances.
Without a legal will, your estate will be dispersed according to the laws of your province or territory. If you want control as to how your assets are divided among children and other family members, you need to write a will.
Depending on the law in your province or territory, common-law spouses may not have rights to your estate to care financially for your children. This can leave kids vulnerable to financial disaster in your absence.
If you are separated but not yet divorced and die, your spouse could get everything. Consequently, it’s extremely important to update a written will on a regular basis as life circumstances change. Otherwise, your children could be left with nothing.
By no means do parents want to think about the scenarios above. But preparing for the possibilities could spare your children a great deal of heartache, expense and hurtful conflict should the worst happen.
As a parent, you should absolutely know what will happen to your children if you die without a legal will. Preparing one ensures your wishes for your children and estate will be followed. Move this task up to the top of your to-do list and relax, knowing your child’s future is protected.
The attorneys at Stevens & Company Law can help you to get your estate in order so that you can feel relaxed knowing your loved ones will be taken care of. Call us today at (250) 482-8220.