Providing for Grandchildren in Your Estate Plan

Many grandparents go into their retirement with the thought that they will be able to enjoy their retirement and periodically enjoy their grandchildren.  Many grandparents find themselves taking on the parenting role of their grandchildren for a variety of reasons.  Some children are not good parents, some children have criminal backgrounds, and some children have drug and alcohol problems and the ability to take care of their children is not an option.

When grandparents are serving as the “parents” of their own grandchildren it is important that they revisit their estate plan to make sure that they have provided for those grandchildren in their Will or Trust.  If the actual parent of the child is not capable of taking care of their own kids they are most likely not going to be in any position to be sensible with inherited money.  The grandparents should not only consider the needs of the grandchild while the grandparents are alive, they need to consider the needs of their grandchildren when they are gone.  It may be necessary to by-pass the actual child and set aside their share for the grandchildren that are being cared for.