There are various changes in one’s life that necessitate changes to an existing estate plan or prompt someone to take a different approach while creating a will or a trust. For example, those who have a high net worth or a loved one with special needs often have additional considerations when it comes to the estate planning process. Moreover, other major milestones, such as the birth of a child or even a grandchild, often require additional considerations with regard to the estate planning process. Whether you are a new grandparent or are welcoming another grandchild into your family, these issues require careful consideration.
There are a lot of different ways in which the birth of a grandchild has the potential to impact an estate plan. For example, the way in which assets are distributed often requires additional consideration after a child is welcomed into the family. Some grandparents decide to leave certain assets to their grandchildren or the parents of their grandchildren, especially if they face financial demands as a result of a recent birth. Moreover, raising a child presents long-term financial considerations, such as the cost of attending college.
As a caring grandparent, it is imperative to take these factors into consideration while setting up your estate plan. Many grandparents have the ability to help provide their grandchildren with a brighter future by paying close attention to the way in which their estate is managed, and this is often greatly appreciated in the decades to come. Visit our section on estate planning to read more about creating or modifying an estate plan.