Often, people think of their grandchildren when they set up an estate plan. They may want to pass down sentimental items or assets to ensure that their grandkids receive support or valued possessions in the future. For some grandparents, additional issues may arise which involve their grandchildren. For example, some are full-time caregivers for their grandkids, and they may be unsure of what their estate planning options are to make sure that their grandkids continue to receive the care they need after they pass away.
When creating an estate plan, such as a will, you should consider how the will could impact your grandchild. You may wish to set up a fund which will help them out in life once they have reached a certain age. Or, perhaps you have custody of your grandchild and you want to identify someone in your estate plan who will be able to take care of your grandkid after you pass away. Each situation is unique, and it is vital to look at your family’s set of circumstances on an individualized basis.
For a grandparent, taking care of a grandchild can be stressful and may bring up a variety of concerns. Moreover, some are worried about what their grandchild’s future will look like after they pass away. Fortunately, there may be a number of ways you can prepare beforehand. By addressing some of these issues in your estate plan, you may be able to provide yourself with peace of mind and your grandchild with a brighter future.