Why is it important to have a grandparent Wills?

However, for those looking to protect a portion of their wealth for their children, grandchildren and future generations, Grandparent Wills are often a very good choice. They reduce the risk that your hard-earned wealth will be diminished as a result of threats such as care fees, creditors, divorce and remarriage.

What happens when grandparents live thousands of miles away?

Thanks to new technology, dedicated grandparents can find ways to connect with their grandchildren, even when they live thousands of miles away. The emotional aspects of separation are not, however, so easily remedied. Long-distance grandparents may feel sadness, bereavement, pain, resentment, jealousy, frustration and anxiety.

What happens to money left in a grandparent’s will?

Your grandchildren may in fact get nothing. “A Grandparent Will allows your children to have complete access to the money held within it.” We can make sure that your children then their children keep their inheritance for their use only by placing your funds into Trust.

Where can I find a grandparent Wills lawyer?

First, call us to book a free appointment. This is a one hour session with one of our lawyers at a location convenient to you – typically the comfort of your home! Your lawyer will discuss your circumstances and explain whether or not they think a Grandparent Will would be of benefit to you.

How to give money to your grandchildren through your will?

So, if you gave your granddaughter $25,000, you would owe taxes on $10,000 of it. You could also look into a 529 savings plan for your grandchildren. In these education plans, you can gift $15,000 for 5 years, which can then be used tax free for education. 1 You are able to leave your estate to your grandchildren.

What should I do if my grandparents left no will?

If your grandparents left no will, state law determines who gets the house through a process called intestate succession. Intestate succession usually gives a decedent’s property to his spouse or children. As a grandchild, you would only inherit if your parents, aunts and uncles are no longer living, and even then, your cousins might have a claim.

Can a grandparent live thousands of miles away?

She is a freelance writer whose grandparenting expertise has appeared in numerous publications. Thanks to new technology, dedicated grandparents can find ways to connect with their grandchildren, even when they live thousands of miles away. The emotional aspects of separation are not, however, so easily remedied.

Can a grandchild inherit from a grandparent?

As a grandchild, you would only inherit if your parents, aunts and uncles are no longer living, and even then, your cousins might have a claim. Some states allow a decedent’s heirs to transfer ownership of his property without going through probate, or through simplified probate procedures.