Page 60 • The HERALD • 16th November 2023 v INDEPENDENT, LOCAL AND PROUD v ASK A PROFESSIONAL 1. Appointing guardians e appointment of guardians only takes e ect in the event of both parents passing away whilst the children are under the age of 18. e appointment of guardians needs to be given careful thought and planning. A common misconception is that if you have chosen godparents, then they would step forward in order to raise the children, however this isn’t the case. 2. Financial planning for the children It is reported that the average amount of money spent on raising a child from birth to the age of 18 in the UK (including housing and childcare costs) is £233,256. Careful planning must be considered to ensure the guardians are provided for with su cient funds in order to raise the children. 3. Revise bene ciaries from Trusts, pensions or life policies If you have assets held in Trust, a life insurance policy or a pension scheme, these may not be passed down as per the provisions under the Will. It is recommended to contact the providers and nominate your beneficiaries speci cally. 4. Age of inheritance e law currently states that a child’s inheritance is held for them until their 18th birthday. For many families this can be a concerning thought and for many, they choose to delay the inheritance age – such as 21, 23 or 25. 5. Appointment of Trustees If you die before the age you have chosen for the children to inherit, their assets will be held in a Trust for their bene t. You will need to choose who you would like to nominate as Trustee to look a er the Trust on behalf of the children. 6. Marriage or partnership Perhaps you completed your Will many years ago having purchased your rst property. Life quickly becomes busy, especially with life’s larger milestones such as marriage/civil partnership and welcoming children into the family. For many, reviewing their Will is the last thing on their minds and are not aware that the legal act of marriage or entering Sign Up for Free Expert Advice at Solent LEP Business Clinics of the region’s local councils to o er advice and support at Business Support Clinics. Business Support Advisors from the Growth Hub team who can help small and medium-sized enterprises (SMEs) with practical support and signposting, connecting them with relevant programmes and initiatives. Paula Swain, LEP Director and SME Business Lead, said: “This is an invaluable opportunity for ambitious business owners to gain insight from the LEP’s Growth Hub team. They will offer advice on a wide range of business-related issues, signposting local and national services that offer specialist support. We are excited to deliver the Business Support Clinics around the region to ourage economic success and enable owners to move forwards on the next stage of their business journey. We would like to hear from anybody who is ready to move their business up to the next level and, feel they could benefit from our free business support, to get in touch with us as soon as possible.” Bus iness Suppor t Clinics have already been held in Portsmouth and Fareham and the team is looking forward to meeting business owners across the rest of the region: New Forest 7th December - solentlep.org.uk/calendar/ new-forest-business-support-clinic/ ere is no cost to attend the business clinic, but appointments need to be booked in advance, so please email Jayne.Sime@solentlep.org.uk to book a time slot. For businesses who are unable to attend these clinics, the Solent LEP Growth Hub also o ers bespoke business support throughout the year. Find out more at: solentlep.org.uk/ growth-hub-business-support/ Local business owners across the Solent region who are looking to achieve their full potential are encouraged to sign up for free expert support with the Solent Local Enterprise Partnership (LEP). The LEP’s Growth Hub team is working in partnership with some 6 REASONS WHY PARENTS SHOULD HAVE A WILL by Heritage Will Writing into a civil partnership formally revokes any previous Will you have made if the Will does not include a contemplation clause. Therefore, it is important to regularly review your Will, especially if you are engaged or are expecting, to ensure that the change in circumstances have been included under the terms of your Will. Photo credit Isle of Wight Council
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