Estate Planning Tips For New Grandparents

Estate Planning Tips For New Grandparents

Welcoming a grandchild into the world is a significant life event that should trigger a review of your estate plan. For instance, you may have thought about selling your Louisiana home after retirement. However, now, you may want to consider keeping the home and passing it down to your child so that your grandchild always has a place to stay.

Review your will or trust

If you have a will or trust, you’ll likely want to update it to include your grandchild. At the moment, you’ll have to include a custodian to take any assets that your grandchild inherits as minors can’t own property by themselves. However, you can add a clause that says the custodian goes away if you die more than 18 years from now. You can also add your grandchild to a trust and stipulate that assets be distributed when he or she reaches the age of majority.

Legal Peace Of Mind Is Just A Click Away

Call For A Consultation 225-763-2272

Review beneficiary designations

Beneficiary designations trump anything that is put into your will, which means that it’s important to look at them during your annual estate planning review. You can choose to add your grandchild as a beneficiary of a life insurance policy, IRA or other accounts that allow you to attach beneficiary designations to them. Alternatively, you can designate your child as a beneficiary with the expectation that a death benefit or other funds be used to help your grandchild.

Review how assets are titled

You can choose to alter the title to your home, car or other property to say that they should pass to your grandchildren upon your death. Of course, if you die in the near future, those assets would first go to your adult children before ultimately going to your grandkids when they are old enough to have them.

There are few joys like knowing that you’ll be a grandparent. Taking time to review your estate plan means that multiple generations of family members can benefit from your resources.

Recent Posts

Categories

Archives

Over 40 years of Experience

Accessible. Accommodating. Your Partners In The Legal Realm

We are not just your attorneys, but your partners in the legal realm. As in any partnership, we believe communication is key. We ask the right questions to learn about your situation and goals. Then we work with you to design a resolution strategy that makes the most sense for you or your business.

As your case progresses, you will find that we are easily accessible by phone, text or email. We strive to be accommodating in setting appointments around our clients’ busy schedules, even if that means early mornings or late evenings. We pride ourselves on creating a welcoming, helpful environment.

Call For A Consultation 225-763-2272

The Partnership

Begins With A Consultation

Andrew B. Ezell & Andrew K. Nicolas
Andrew B. Ezell & Andrew K. Nicolas

contact us today

Fields marked with an * are required

"*" indicates required fields

I Have Read The Disclaimer*
This field is for validation purposes and should be left unchanged.