How to Make a Will for Grandchildren
Many grandparents wish to leave part of their estate after their death to their grandchildren. In some cases, the grandparent feels responsible to care for the child after the pass, while in other cases, the grandparent simply wants to leave their grandchild enough money to pay for college. You can spell all of these details out in a will.
- Consult with an estate attorney. You will need an attorney in order to help you draft and prepare your will. The attorney can help you ensure that the will is drafted correctly and is legal under the eyes of the law.
- Discuss the terms of your will with your spouse. Your spouse is legally entitled to a percentage of your assets in the event of your death. It is imperative that you and your spouse agree on the terms of your will. Otherwise, you risk the chance of your will being contested in probate court. If your will is contested, there is a chance that your grandchildren will not get the items or money that you intended for them.
- Organize the details of your will. List each grandchild's name and the assets or money that you want them to receive. If the grandchildren are young, you might consider setting up a trust wherein they receive a certain amount of money once they reach age 18 or 21.
- Don't forget your children. It is very generous to leave your estate to your grandchildren, but you should also consider leaving something to your children. In the event that your grandchildren are young and living at home, they will benefit from any gifts that are given to their parents.
- With the help of your attorney, draft the will. Be as detailed as possible. Once the will is drafted, you will need to sign the will in the presence of a witness.