You love your children. At the time you created your estate plan you had every intention of providing for your children’s future. You drafted your will and established your trusts so that your children would inherit your property and your assets when you die.
Now, while the love you have for your children may not have changed, you want to do something different with your property. You no longer want your children to inherit your assets. You may want to change your estate plan because:
- Your children have enough money.
- You have made a large gift to your children during your life.
- You are concerned about your children’s spending habits.
- You are concerned about your children’s drug or alcohol problems.
Or, maybe, you simply changed your mind.
You May Have Options
You may have the ability to modify your trust and estate documents to provide directly for your grandchildren. If your grandchildren are legal adults then you may provide for them directly. However, if your grandchildren are still minors then you will need to appoint a trustee who can manage the assets until your grandchildren are old enough to do so themselves. If you do not want your children to serve as trustees then it is important to be specific about that in your will.
There could be tax implications or other consequences that you have not yet thought about. Accordingly, we encourage you to discuss your legal options for providing assets directly to your grandchildren with us. You can start a live chat with us now or call us directly to schedule a meeting.