4. Their first home
For now, their idea of home is wherever you are. But a few years down the line, you might find yourself helping your offspring on to the housing ladder. According to research from the Social Mobility Commission, more than a third of first-time buyers in England (34%) turn to family for help with their purchases compared with 1 in 5 (20%) seven years ago. Planning now could ensure their first home is adequate.
5. Worst-case scenarios
“It’s tempting for parents to plan only for the positive things that might happen to their child – that they’ll go off to university and get married,” says Liat Hughes Joshi, “but it is, of course, prudent to plan for less happy eventualities, too. The problem – especially when you’re full of optimism after the arrival of your newborn – is that this can be quite uncomfortable to contemplate. But it is wise to consider carefully who you’d want your child to be looked after by if the worst happened to you or their other parent – and to plan financially for this.” Joshi adds, “Speak to a solicitor about writing or updating wills and potentially adding a letter of wishes around who would care for your child/children as a guardian.” A good life-insurance policy will mean one less thing to worry about for those remaining and, with the choice of a lump sum or monthly income, you can rest assured that your children will be looked after.
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