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Welcoming a new generation into the family is a significant time and whether you’re a Grandparent for the first time or not, the excitement can often be underwritten with thoughts about how best to leave something to your Grandchild to help them when you’ve gone.
You may wish to help them for a number of key reasons, such as buying their first home, university fees or assisting them at a time when they themselves can have young children.
Reviewing your Will at this time in your life can provide you with the opportunity to plan for the youngest members of the family and make sure your wishes are followed.
It may be that you would like to leave a specific sum or percentage of your estate to your Grandchild or make provision for more Grandchildren in the future.
While not a nice thing to think of, on occasions Wills are drafted to share what you leave amongst your remaining children even if one of your children has died before you. Perhaps now that you have Grandchildren you would like that share to pass to your child’s descendants instead? This way making provision for those Grandchildren for the life while keeping the wealth spread evenly over the different lines of your family.
Even if you have already set aside some of your estate to Grandchildren it is still a good idea to review your Will to discuss what effect age contingencies have on your tax planning and the availability of your Residence Nil Rate Band (which offers up to £175,000 against the value of a main residence when you pass this to your direct descendants) as, with some exceptions, this may prevent that part of your estate benefitting from this allowance if the Grandchildren have not yet reached the specified age.
There will also be the opportunity to review if placing some of your estate into a form of Trust for your Grandchildren is suitable for your circumstances.
While some choose to leave their estate to their children directly on the basis that they can decide what is best and how to pass on that share to their own children, there can be a number of reasons outside of your child’s control such as divorce, remarriage, debts or their own needs that mean that your wealth doesn’t reach your Grandchildren in the same way as you would have hoped.
At Nash and Co Solicitors, we would be glad to assist you in talking through any queries you have, reviewing your Will or helping you to draft a new one.
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* The information contained on this page is correct to the best of our knowledge, if you notice anything that you know to be incorrect or misleading, please contact us.