Ask Away Blog: Future Plans Every Parent Shouldn’t Put Off

Future Plans Every Parent Shouldn’t Put Off

Friday, April 23, 2021

 

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There are times when it pays to plan ahead - not just for your own sake but for the sake of your kids. From making sure that your kids get into the right school to arranging who will inherit your possessions, there are lots of ways in which we can plan for our kids’ futures. Below are just some big questions worth asking yourself if you have kids and some of the ways in which you can prepare.

Where will my child go to school?

Planning where your child will go to school is important. There may be a specific school in the area that you want your child to attend. In many cases, it’s worth making plans early to secure a place.

For some schools, you may have to live within the ‘catchment area’. Some parents go as far as to move home just to be closer to a certain school so that their child has more chance of getting in.

It’s important to look into the application process so that you know exactly how and when to apply. There may also be open days that are worth attending. Do your research in advance so that you don’t miss out.

Should I start saving up money for my child’s future?

It could be worth setting some money aside for your child to give them the best start in life. This could include money for higher education or money to possibly help them get a foothold on the property ladder. With both education and property prices at an all time high, such money could come in handy.

Some parents set up trust funds for their kids. This involves setting up a savings account for your child and contributing money into it - your child cannot access the funds until they are 18 years old.

Alternatively, you may prefer to simply set up an account in your name and put money into it before transferring it to your child when you think they have reached a mature enough age. This gives you more flexibility as to when your child receives the money.

What will happen when I die?

One of the biggest future plans that parents put off is preparing for death. This could include setting up wills and trusts and planning out one’s funeral. While nobody likes to think about dying, such plans could help to reduce the costs and stress for your kids when you pass away.

Writing a will is something that you can do at any time in your life. Wills can be updated whenever you want - so if you decide later that you don’t want a certain person to inherit something, you can change this. You should get a will professionally written so that is legally binding. There are lots of professional will writing services out there that you can look into.

If you own property or own a lot of wealth in savings, you may want to consider the possibility of your children having to pay inheritance tax. There could be ways of gifting your property or wealth to your kids while you’re still alive to prevent them having to pay inheritance tax. Other options could involve donating some funds to charity. A probate lawyer may be able to help you to better understand your options.

It’s also worth planning your funeral in advance so that you can plan the funeral service that you want, as well as deciding whether you want to be buried or cremated. Consider how your funeral will be funded - finding a way of funding it yourself could prevent your kids from having to pay for your funeral (and funeral prices are only going up). A few common ways of funding a funeral include taking out life insurance, setting up a pre-payment scheme or setting aside savings.

Start planning now

You can start planning for any of these future events now. Some of these events may seem a long way off - if you’re a young parent, you may not be planning on dying any time soon. However, none of us truly know what’s around the corner and so it can sometimes be worth making plans early just in case.

When it comes to wills or funeral plans, you can always make changes at a later date - what you decide now doesn’t have to be your decision for life. As for saving up money for future events, the earlier you start saving, the less you have to contribute each month.




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