LAST WILL - GUARDIANSHIP

If both parents would die at a car accident, when  you live and work in the United Kingdom, the state would be responsible to take care of your children. 

if you don’t have a valid last will -  guardianship appointing a guardian you would like to receive your children in such a situation, then the children would go into Foster care institutions until they would be adopted by a family living in the U.K. or become adults.

If your relatives would like to take your children from the foster care institutions and take care of them, they would need to come in the U.K. and begin the adoption process.

This is a procedure which is not for free, The applicant who would like  to adopt or be the guardians of your children, would need to be thoroughly checked  by the jury if they have the financial ability to take over this responsibility, if they have criminal record, what is their age, if  they are in a good health etc. 

That is a process that could take 6 months or more to be completed.

 If all the requirements would not be met, the children would remain in the foster care institutions until they would be adopted from another family or be adults.

So it’s crucial that families with small children do their last will, even if there would not have any estate, just to protect their kids from going to foster care institutions when the kids could live with a family they know , trust and love.

When you set up a life insurance, you can add as an additional Trustee your children's guardian . This way this person would have access to the insurance's money to pay for your children’s monthly expenses until they will be adults so that the kids would not be a financial burden for them.