Not just about the house
Wills are not just about protecting your assets such as your house, investment account, or even your superannuation. What you might not realise is that your Will provides an opportunity to appoint a Guardian in case something happens to you and your children are under 18 years of age.
Who will care for your children when you are gone?
Appointing a guardian in your Will minimises any conflict that may arise between your family members over a custody dispute. Further, you are provided with peace of mind that your children will be looked after by your appointed Guardian in case the worst were to happen.
Before you appoint a Guardian in your Will, you should consider who is the most appropriate person to take on the role and responsibility. In determining this, factors to take into consideration are physical location, financial security and emotional capacity.
It is important that you obtain consent for the person you intend to appoint, and that they are aware of this responsibility. Further, the appointment of a Guardian needs to be reviewed regularly, and your Will updated if there is a change of circumstances and the Guardian is no longer suitable.