As parents, we spend years planning for our children’s future. We make decisions about their education, health, finances and wellbeing every day. Yet one of the most important decisions we can make for them is often the one that gets put off.
If you have children, your will is much more than a document dealing with your assets. It is your opportunity to make important decisions about who will care for your children, how their inheritance will be managed and what protections will be in place if you’re no longer here to make those decisions yourself.
Here are five things every parent should consider when preparing their will.
1. Appoint a Guardian
If your children are under the age of 18, your will should nominate the person you would want to care for them if both parents were to pass away.
This is one of the most important decisions you will make. Consider someone who shares your values, has the capacity to care for your children and can provide a stable, loving environment.
Importantly, have a conversation with your proposed guardian before appointing them. It is a significant responsibility, and ensuring they are willing to accept the role can avoid uncertainty later.
Whilst the Court ultimately determines guardianship based on a child’s best interests, clearly expressing your wishes in your will provides valuable guidance and is likely to carry significant weight.
2. Include a Testamentary Trust
Many parents assume their children will simply inherit their estate when they reach adulthood. In reality, leaving assets directly to young beneficiaries is often not the best option.
A testamentary trust allows your children’s inheritance to be managed by a trustee you appoint until they reach an age or level of maturity that you determine. It can provide financial support for education, medical expenses, housing, extracurricular activities and everyday living expenses whilst protecting the capital for the future.
Testamentary trusts can also offer significant asset protection and taxation advantages, making them one of the most valuable estate planning tools available to families.
3. Clearly Set Out Who Receives What
A well-drafted will should clearly identify who receives your assets and in what proportions.
This includes real estate, bank accounts, investments, vehicles, personal belongings and items with sentimental value.
The clearer your instructions are, the easier it is for your executor to administer your estate and the less likely it is that misunderstandings or disputes will arise between family members.
If there are particular gifts you want certain children or loved ones to receive, make that clear. Small details can often prevent significant conflict later.
4. Choose the Right Executor
Your executor is responsible for administering your estate, collecting your assets, paying any debts and ensuring your wishes are carried out.
It is a role that involves both practical and legal responsibilities, so choose someone who is organised, trustworthy and capable of making decisions during what is often a difficult time.
For some families, this may be a trusted family member or friend. In other situations, appointing a professional executor may be the more appropriate option, particularly where estates are complex or family dynamics are challenging.
5. Plan for the Unexpected
Life rarely unfolds exactly as we expect, and your will should account for that.
Consider appointing substitute executors and alternate guardians in case your first choice is unable or unwilling to act. Think about what should happen if a beneficiary dies before you or if circumstances change significantly over time.
Good estate planning isn’t just about documenting today’s wishes—it’s about ensuring those wishes can still be carried out if tomorrow looks different.
Final Thoughts
Making a will isn’t about expecting the worst. It’s about making sure the people you love most are protected if the unexpected happens.
For parents, a properly drafted will provides certainty at a time when your family will need it most. It allows you to make the important decisions now, rather than leaving them for others to make later.
If you have children and haven’t reviewed your will recently—or don’t yet have one in place—there is no better time to start the conversation.
