Some people say that parents who succeed for long enough graduate to be grandparents. There is certainly a special kind of joy to be had in developing a rich bond with the next generation of one’s family. Grandparents and grandchildren often have a very unique, supportive relationship with one another that features much of the same trust, love and respect as a parent-child relationship without the complications that arise from frequent discipline and continual cohabitation.
Grandparents may offer resources in the form of financial support for their grandchildren, as well as plenty of time spent with them. They may want to give them more support when they finish school and start living independently. Additionally, grandparents frequently want to leave a portion of their property for their grandchildren when they die.
How does someone achieve a legacy that lasts for more than one generation?
They draft a will that mentions specific beneficiaries
When someone dies without a will, state law passes their property to their closest family members. That means that children will typically inherit in that scenario but grandchildren would not. While intestate succession laws keep the property in the family, they do little to protect grandchildren.
At the very least, a grandparent will need to have a will designating their grandchildren as beneficiaries if they want to leave assets for their grandchildren. Often, people will go so far as to create a trust. Trusts give an additional layer of control and can allow people to take special steps, like completely skipping their children’s generation for tax purposes. Trusts also allow someone to set aside resources for a child that they can’t access until they become an adult or reach other specific milestones.
They keep their families informed of their wishes
Children and other expectant beneficiaries might become angry and try to take legal action if they are unhappy with the terms included in an estate plan. Those who talk openly with their loved ones about their intentions and therefore give them time to adjust their expectations can reduce the risk of family members challenging their estate plans after they die.
Having adequate legal support while creating estate planning documents and choosing the right estate executor are also important considerations for those who want to leave resources for their grandchildren.