When children are young, parents and grandparents worry about what will happen when they are no longer alive to take care of the child. Ideally, living until the child is a grown adult is nice, but there are no promises. Grandparents think about leaving a will earlier than most parents because they are concerned about what will happen. Leaving a will for grandchildren puts the grandparent's minds at ease and eliminates the anxiety of leaving young children without proper care.
Work out the details of a will with a spouse. Grandparents should work together on determining what inheritance is going to which children or grandchildren. A living spouse is entitled to a certain percentage upon the death of a spouse in most states, so working out the will with the spouse present will prevent any problems if the spouse lives longer.
Write out the names of the children. List the children and determine what the children are receiving. Ideally, leaving money in a trust fund until they reach a certain age is appropriate and easier to split. If leaving property, try to split the property evenly among the children to prevent resentment, anger or problems.
Determine what children are receiving. Leaving an inheritance to grandchildren is appropriate, but the parents will often fight for inheritance as well. If leaving the parents out of the will, write a statement to clarify the individuals being left out and the reasons. Keep in mind that life insurance, retirement funds or similar items are not part of the will and are left to the beneficiary. If the reason for leaving children out of the will in favour of grandchildren is due to the child being a beneficiary of a life insurance plan, state the reason in the will.
Write out the will with a lawyer and at least one witness. The lawyer ensures that the document is legal and has all of the necessary elements while a witness ensures that the will is written by the individual and signed in their presence. Having more than one witness can help ensure the will is carried out properly.
Things you need
- Pen or pencil