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Strategic Guidance For Life’s Next Move

Have you named your grandchildren as beneficiaries?

On Behalf of | Jun 4, 2024 | Estate Planning

Suppose your kids have recently made you a grandparent; your grandchildren most likely hold a special place in your heart. Witnessing their growth, milestones and achievements can bring back memories of when you were raising your children.

Naturally, you might want to help ensure they access abundant resources well beyond your lifetime. However, it can be very easy to forget to include your grandchildren as beneficiaries in your estate. Therefore, if you’re reading this and you’re considering leaving a legacy for your grandchildren, this might be the perfect time to update your estate plan.

The importance of a current estate plan

It’s quite easy to forget that an estate plan is a living entity that should be revisited and adjusted from time to time. Whether you’ve been a grandparent to many or you’ve recently received your first grandchild, you can agree that this is a valid reason to revisit this living document.

By allowing your estate documents to evolve alongside the changes within your family, you can help ensure it’s a true reflection of your purest wishes. Continuing with an outdated estate plan may lead to your grandchildren being excluded from receiving any inheritance. You wouldn’t want this to be the case, especially if you’ve established strong bonds with each one of them.

Benefits of making your grandchildren beneficiaries

The greatest incentive to leave an inheritance for your grandchildren is to supplement the financial reserve their parents have already established for them. Few things are as fulfilling as taking care of two generations with wealth that you worked tooth and nail to accumulate. Besides, when you leave a legacy that can go on for multiple generations, you make your family proud to be associated with your name.

You can work with a reliable legal representative who can strategically plan your estate so that future generations can enjoy tax benefits. For example, a seasoned legal representative can help you set up trusts for your grandchildren that minimize estate taxes and potentially lower the tax burden for future generations. Trusts can also provide income for your grandchildren while protecting the principal amount from mismanagement or creditors.

Incorporating your grandchildren into your estate plan is a meaningful way to contribute to their future and uphold your legacy. Updating your estate plan sooner rather than later can help to better ensure that your wishes are honored and future generations are provided for in the ways you intend.