What is a Grandparent Will? Paul King explains.

Paul King Explains
“Most people think their existing Will provides protection for their children’s inheritance, but in reality this is rare. It’s an important part of Will planning that is too often overlooked, so we advise clients to consider it.”

The majority of clients who approach April King Legal have already made traditional “Mirror Wills” with other firms before approaching us.

Paul King explains: 

“If I have a Mirror Will leaving everything to my wife and she remarries or goes into care after my death, then either the new husband or the local authority is likely to inherit most, if not all, of my estate ahead of my children”

Often our clients are not aware that remarriage would cancel the Will previously made. Instead, the new spouse would be first in line to inherit. This is often a big shock to clients who thought that all was in order and their family would one day inherit from all their hard work.

Sadly, the same is true for thinking children and grandchildren will one day benefit under a Mirror Will. These kinds of Wills leave a lot to chance which means your families inheritance is vulnerable.

This can be avoided by having a Grandparent Will. They are a type of Discretionary Trust which has been adapted to fit the needs of modern family structures. There are only a few firms who specialize in this type of planning and April King Legal is one of them.

Under a Grandparent Will, your children have complete control and access to the inheritance they receive from you, but they get added protection from the twists and turns of modern family life. The wording in these Wills states that any money left over on their demise must pass to any children born of them – your grandchildren.

Want more information? Don’t hesitate to contact one of our friendly team.

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