How to Plan for Your Children in Your Will

What would happen to your children if you and their other parent were no longer there to care for them? 

It is an uncomfortable question, but it is also one of the most important reasons for parents to prepare a will. 

Estate planning for parents is not simply about deciding who inherits your assets. Your will can record your wishes about guardianship, while your broader estate plan can determine how your children are financially supported and how their inheritance is managed. 

How Do You Choose a Guardian for Your Children? 

Parents can record in their will who they would like to care for their minor children if they die. 

For many parents, choosing that person becomes the reason they delay preparing a will. They worry about choosing the “perfect” guardian, upsetting family members or predicting who will still be suitable in 10 or 15 years. 

A more practical question is: Who would I want caring for my children if something happened to me tomorrow? 

Your answer does not need to remain the same forever. As your children grow and family circumstances change, your will and guardianship wishes can and should be reviewed. 

Should You Review Your Guardian Regularly? 

Yes. A guardian who is appropriate when your child is two may not be the right choice when they are 12. 

The guardian’s circumstances can change too. They may move, have children of their own, experience health problems or simply reach a stage of life where taking responsibility for children would be difficult. 

Review your estate plan regularly and particularly after significant changes in your family. 

What Should You Include in a Letter of Wishes? 

A will cannot realistically cover every detail of how you would like your children raised. 

A letter of wishes can provide additional guidance about matters such as: 

• schooling and education; 

• extracurricular activities; 

• family relationships; 

• cultural or religious traditions; 

• travel and holidays; and 

• values that are important to your family. 

Although a letter of wishes is different from the legally operative provisions of your will, it can give those caring for your children valuable insight into your intentions. 

Can You Financially Support Your Child’s Guardian? 

One concern parents often have is whether their preferred guardian could afford the additional responsibility. 

Your estate plan can consider how funds will be made available for your children and, where appropriate, expenses associated with caring for them. 

The important point is to address the financial reality rather than choosing a different guardian solely because they have less money. 

Should the Guardian Control Your Children’s Inheritance? 

Not necessarily. 

The person who would provide a loving home for your children may not be the person you want managing a substantial inheritance. 

A testamentary trust can allow assets to be managed for your children under the terms of your will. A trustee can be appointed to manage those assets, and that trustee does not necessarily need to be the children's guardian. 

This can separate day-to-day parenting from financial management. 

Should Every Child Receive an Equal Inheritance? 

Equal provision is often a natural starting point, but every family is different. 

Additional planning may be appropriate where: 

• a child has a disability or particular vulnerability; 

• a beneficiary has difficulty managing money; 

• there is estrangement; 

• you have a blended family; or 

• one child is substantially involved in the family business. 

Children and certain stepchildren can also be eligible to seek further provision from an estate in Queensland. Eligibility does not guarantee that a claim will succeed, but potential family provision issues should be considered when making significant differences between beneficiaries. 

Frequently Asked Questions 

Can I change the guardian named in my will? 

Yes. Guardianship wishes should be reviewed as your family and the proposed guardian’s circumstances change. 

Do the guardian and trustee need to be the same person? 

No. Different people can perform these roles where that arrangement is appropriate. 

Can grandparents be nominated as guardians? 

Absolutely and quite often they are a great choice. Their current circumstances, health, relationship with the children and ability to care for them should all form part of the decision. 

What happens to my child’s inheritance while they are young? 

Your will can include arrangements for managing an inheritance while a beneficiary is a minor and potentially beyond that age. The appropriate structure depends on your circumstances. 

Can I treat my children differently in my will? 

You can make estate planning decisions that reflect your circumstances, but unequal provision can create additional considerations, including the potential for a family provision application. Personal legal advice is particularly important in these situations. 

Final Thoughts 

You do not need to solve every possible future scenario before preparing your will. 

Start with what is right for your children today: who you trust to care for them, who should manage their inheritance and what financial structure will best support them. 

Then keep your estate plan under review as your family changes. 

If you have minor children, an outdated will or no will at all, contact Lidia Vicca or book a free consultation to discuss your estate planning options.