If you are a grandparent, there are many different factors to take into consideration with respect to your grandchildren. Of course, passing down assets and helping them from a financial viewpoint is crucial. However, it is also important to think about the way in which your estate plan will impact them emotionally. Moreover, estate plans sometimes affect the health of relationships between siblings as well as children and their parents.
We realize that it is often very hard for people to take all of these factors into consideration when creating an estate plan. Sometimes, it is virtually impossible to anticipate every problem that will arise down the road.
Your relationship with your grandkids
There are a number of ways in which one’s estate plan can impact their current relationships with loved ones. Estate plans can strengthen bonds between grandparents and their grandchildren. At the same time, they can also create friction and leave some family members feeling disgruntled. Often, it is helpful to discuss these matters with grandkids and other family members. When you are creating your estate plan, look for ways to reduce tension and the likelihood of a dispute arising down the road.
Considering your grandchild’s perspective
While setting up a will or trust or making revisions to your estate plan, it is helpful to think about these issues from your grandchild’s perspective. By reviewing the financial and emotional impact of your estate plan, you will likely reduce the probability of challenges arising later on (and this applies to other family members as well, such as one’s spouse and children). Go over our site for more on creating an estate plan.