Becoming a grandparent is a beautiful, emotional time in any person’s life. When a grandchild is born, you discover an immeasurable love beyond words. With that, you should consider protecting your legacy and family, including your new grandbaby!
Why it matters
Reviewing your estate plan upon the birth of a grandchild is critical for several reasons. An estate plan allows you to protect your assets and decide what you want to do with them should you pass away. You can also financially help your grandchild during your life if you so choose.
If you decide to leave an inheritance for your children and grandchildren, this is the perfect time to make those decisions and divide your assets according to your preferences.
Guardianship
In the event of your passing while your grandchild is still a minor, you can also appoint a guardian in your estate plan to manage the assets you pass on to them.
Estate planning tools
In addition to the above, there are tools available to you that you may want to consider now that you have grandchildren, such as a trust for future generations.
Establishing a trust is an effective way to manage your grandchild’s inheritance and ensure they use the assets for the purposes you want them to, like education, health care or other specific needs they may have.
In conclusion, an estate plan is even more critical now that you are a grandparent, and if you already have one, it is the perfect time to speak with your attorney and review it.
