As the Christmas approaches, we have seen so many posts on social media about the best Christmas Movies and it gets heated! Many of us will revisit the Christmas classic, Home Alone. The film’s storyline of a young boy accidentally left behind while his family jets off on holiday is not only a comic adventure, but can also serve as an unusual lesson in the importance of estate planning. Would you believe it? We continue our series of film-based inheritance blogs…

If we imagine the McCallister family’s predicament playing out in England and Wales under the lens of Wills, trusts, and guardianship, we find some surprising insights into what might happen if the adults in the family were tragically unable to return.

When Parents Are Missing in Action

In Home Alone, Kevin McCallister’s family inadvertently leaves him behind in their Chicago home while they rush off to France. Small side note – the house that was used for filming has gone on the market recently and it would automatically trigger an IHT liability if owned in England or Wales. Back to Kevin… Although he fends off bumbling burglars with admirable ingenuity, we can’t help but wonder: what if Kevin’s parents had met with a misfortune and never made it back? How would English and Welsh law handle the matter?

In real life, if both parents were to pass away unexpectedly, the children left behind would need care not from the police or social services, but from someone legally authorised to look after them. This is where the importance of appointing legal guardians in your Will comes into play. Without a properly drafted Will that names guardians, the decision as to who cares for minor children could be left to the courts. This potentially lengthy and complex process is the last thing anyone would want for a child who’s already suffered the loss of their parents. We heard a story recently where this exact thing happened and it took 3 weeks before the family were able to look after their own flesh and blood.

The Role of Executors

Should the McCallisters’ unfortunate scenario become reality, the executors named in their Will would play a crucial role. These trusted individuals are responsible for:

• Identifying and Valuing Assets: From the family home to savings accounts, insurance policies, and personal possessions (even that child’s prize-winning trap-making kit).
• Paying Debts and Taxes: Ensuring that any liabilities are settled promptly.
• Distributing the Estate According to the Will: Making certain that assets go to the intended beneficiaries.

If Kevin is a minor and his parents left their estate to him and his siblings, the executors could hold the assets in trust until they reach adulthood. This would ensure that the children’s financial future remains secure, even if their parents are no longer around. This sort of trust would ordinarily be called a bare trust.

Guardianship: Choosing the Right Person

In Home Alone, Kevin’s challenge was surviving in a house rigged with homemade booby traps rather than navigating complex legal proceedings. But let’s imagine the opposite scenario: if Kevin’s parents had made no arrangements, he and his siblings might find themselves in the care of a relative who may not share the McCallisters’ values or parenting style. Worse still, if no suitable family member or friend stepped forward, the local authority might have to become involved.

By naming a guardian in a Will, parents can ensure their children are raised by someone they trust—an aunt, uncle, or close family friend who can provide not only a safe home, but emotional stability during a turbulent time.

Trusts and Inheritance

The McCallisters appear to be a reasonably well-off family, so it’s safe to assume there might be a sizeable estate at stake. If the parents did not leave a valid Will, the Rules of Intestacy in England and Wales would dictate how their estate is divided. The children would eventually inherit, but the process might be more complicated and less flexible than if a well-structured Will had been in place.

For wealthier or more complex estates, setting up trusts is often a good idea. Trusts can protect assets and ensure they are used for the children’s benefit, covering expenses like education, housing, and general welfare until they come of age. Without such foresight, the children might inherit large sums at 18, before they’ve learned to manage money responsibly—something Kevin might have appreciated when stocking up on aftershave and pizza. He certainly knew how to spend his parent’s money in Home Alone 2 when stuck in New York…

Planning for the Unexpected

No one wants to think about worst-case scenarios during the holidays, but the truth is, life can be unpredictable. Home Alone might be a slapstick comedy, but it reminds us that it’s all too easy for things to go wrong when we least expect it. By taking the following steps, you can ensure your loved ones are protected if the unthinkable happens:

• Draft a Valid Will: Specify how your assets should be distributed and name your executors.
• Appoint Guardians: Choose who will care for your children if you cannot, providing them with a safe and loving home.
• Consider Trusts: Safeguard assets for your children’s future, ensuring responsible financial management.
• Communicate Your Wishes: Discuss your plans with the relevant family members and friends, so there are no surprises down the line.

How SLS Wills and More Can Help

At SLS Wills and More, we understand that no one wants to imagine their children home alone for the holidays without proper care and support. We can guide you through the entire estate planning process, from writing a valid will to setting up trusts and appointing the right guardians. Our professional, empathetic team will ensure you have peace of mind that your children are always provided for, no matter what happens.

Ready to ensure your loved ones are never left behind? Contact us today to secure your family’s future.