If you want to make changes to your estate plan because you recently became a grandparent or you have multiple grandchildren and want to include them in your estate plan while setting up a will or trust, you need to take various factors into consideration.
It is important to review different ways you can provide your grandchildren with inheritance and other topics that arise with respect to grandchildren and estate planning.
Passing down assets to minor grandchildren
It is important to review your options if you have minor grandchildren and want to provide them with inheritance. Whether you worry that your children will not give anything to your grandkids or you want to ensure that your grandchildren benefit from inheritance during their youth, there are different ways you can accomplish this. You could include a bequest in your estate plan or give them a gift while you are alive.
You can also set up a Uniform Transfers to Minors Act account. According to the Florida Senate, this account will allow you to appoint a custodian to oversee assets you pass down to your grandchild until they reach adulthood, and this custodianship can extend until your grandchild reaches the age of 25.
Other estate planning issues involving grandchildren
Sometimes, inheritance can create friction in a family, and it is vital to approach this topic cautiously. You should review your financial circumstances and the unique needs of your family members. Take steps to reduce the likelihood of an emotional dispute over inheritance. In some instances, communication can help prevent confusion and conflict.
By carefully creating or modifying your will or trust, you can include your grandchildren in your estate plan and support their future.