Grandparents & the Summer Holidays: Leaving Something for Your Grandchildren

The school summer holidays are here, and for many grandparents that means one thing - more time with the grandchildren!

Whether it’s helping with childcare while parents are at work, days at the beach, trips to the park, sleepovers, baking together or simply enjoying a little more time as a family, the summer holidays often create some of the memories grandparents treasure most.

They can also be a reminder of just how quickly grandchildren grow up - and naturally lead to thoughts about their future.

At Newlife Wills, we regularly speak to grandparents who want to make sure that their grandchildren benefit from their estate. The good news is that a Will gives you considerable flexibility over what you leave, who receives it and when they receive it.

Can I leave money directly to my grandchildren?

Yes. You can include a specific gift in your Will for an individual grandchild or leave gifts to all of your grandchildren.

For example, you might decide to leave £5,000 to each grandchild, a percentage of your estate, or a particular possession that has sentimental value.

Your Will can also be drafted to take account of the possibility of future grandchildren, rather than only naming the grandchildren you have at the time your Will is written.

This can be particularly important when families are still growing.

What if my grandchildren are still young?

One of the biggest questions grandparents have is:

“What happens if they're too young when I die?”

Rather than a young beneficiary receiving their inheritance immediately, your Will can provide for their inheritance to be held in trust until they reach a chosen age.

While 18 is the age at which a beneficiary would ordinarily become entitled in many circumstances, some grandparents feel that 18 is simply too young to receive a substantial inheritance.

You may prefer your grandchildren to inherit at 21 or 25, for example.

Depending on the terms of the trust, your chosen Trustees may also be given powers to use money for the grandchild's benefit before they reach that age - perhaps towards their education, training or other important needs.

It doesn't have to be money

Sometimes the most meaningful gifts aren't the most valuable.

Grandparents may wish to leave particular belongings to their grandchildren, such as:

• jewellery or watches;

• family photographs or keepsakes;

• collections;

• furniture or artwork;

• a particular sum of money; or

• another item that has special significance within the family.

  
  

Clearly recording these wishes can help ensure treasured possessions reach the people you intended them for.

What happens if I simply leave everything to my children?

Many grandparents assume their children will eventually pass some of their inheritance down to the grandchildren.

They might - but there is no guarantee that this will happen.

Your child's circumstances could change. They could spend the inheritance, experience financial difficulties, separate from a partner, change their own Will, or die before you.

If it is important to you that your grandchildren receive something, it is usually better to make appropriate provision for them in your own Will rather than relying upon someone else to do so later.

What if one of my children dies before me?

This is another important consideration when making or reviewing your Will.

You may want a deceased child's share to pass instead to their children - your grandchildren.

A professionally drafted Will can include substitute beneficiary provisions so that your wishes remain clear even if family circumstances change.

The summer holidays are about making memories and protecting the future

For grandparents, the summer holidays can be exhausting, noisy and expensive - but they're also incredibly special.

Another school year has finished. The grandchildren are a little taller, a little more independent and somehow another year older.

While you're busy making memories with them this summer, it may also be a good opportunity to think about the legacy you'd like to leave behind.

Whether that's a financial helping hand, a treasured family possession or simply the reassurance that you've planned carefully for their future, your Will allows you to make those wishes clear.

Is it time to review your Will?

If you've welcomed new grandchildren since your Will was written, your family circumstances have changed, or you'd simply like to make sure your grandchildren are properly provided for, Newlife Wills can help.

We can discuss the different ways of providing for grandchildren, including specific gifts, inheritance trusts and substitute beneficiary provisions, and help you put arrangements in place that reflect what matters to you and your family.

Because the memories you make with your grandchildren can last a lifetime and the plans you make for them can last even longer.

Get in touch with us today on 01843 269165