Every testator establishing an estate plan has different needs and goals. Many people want to leave as much property as possible for their spouses and children. Those who have the blessing of grandchildren may want to provide support for that future generation of their family as well.
In some cases, a grandparent establishing an estate plan aspires to provide direct support to their grandchildren while limiting what their parents inherit. Perhaps the grandparent believes that they have already provided adequate support to their adult children throughout their lives and hopes to provide their grandchildren with similar opportunities.
Maybe they worry about the potential misuse of inherited resources, including the possibility that parents might squander assets intended for grandchildren before they become adults. Is it possible to leave resources for grandchildren without providing a similar inheritance to their parents?
Testators can choose their own beneficiaries
Typically, children do not automatically have the right of inheritance when a parent dies. The children of a deceased individual have legal protection in scenarios where the decedent did not establish an estate plan before their passing.
If an individual drafts a will or creates other estate planning documents, their instructions determine what happens with their property. Grandparents can name their grandchildren as beneficiaries and can choose not to include their children in an estate plan. However, there are a few issues with this approach.
If the children are still minors when the grandparent dies, their parents have control over their inheritance until they turn 18. Additionally, the adult children of the decedent might try to claim that their omission from the will was an accident. Testators may need to mention the decision to disinherit their children or limit their inheritance in favor of their grandchildren.
They may also want to consider using a trust instead of a will. Some people create generation-skipping trusts as a way of providing direct support for their grandchildren but not their adult children. The testator can choose who to include as a beneficiary when establishing a trust.
They can include their grandchildren but not their children. Trusts give people more control over the use of an inheritance and can also reduce the risk of probate challenges against their testamentary instruments. Those who have specific plans for their legacy and the distribution of their property may need help achieving their goals.
Creating a thorough estate plan can help people in a variety of circumstances ensure that they leave a meaningful legacy when they pass. Grandparents who want to leave resources for their grandchildren may need assistance to ensure that they achieve that goal.
