Grandparent Wills – safeguarding your assets

Grandparent Wills

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 think about it.

You would assume that having left everything to your children your estate would then pass down to your grandchildren. But if you read your Will closely, you’ll see that your grandchildren will only inherit if their mother or father dies before them. Your grandchildren may in fact get nothing.

“A Grandparent Will allows your children to have complete access to the money held within it.”

We can make sure that your children then their children keep their inheritance for their use only by placing your funds into Trust. Contrary to conventional wisdom, Trust money can be used by the Trust beneficiary.

With Grandparent Wills your children will have complete access to the money held within it. They can spend it all in one day if they want to! It is what we call ‘hostile third parties’ who won’t be able to gain access to the Trust. We advise our clients to set up Trusts for their families as an essential safety net. It may surprise you that even if you have named your children in your Will, other people may be next in line to benefit from their inheritance.

Without a Trust, you could be leaving money to one or more of the following people:

  • An ex son-in-law or daughter-in-law
  • Future new stepparents to grandchildren
  • Children’s creditors/court order
  • Someone else’s grandchildren
  • Inland Revenue and/or Local Authority

Modern family life has many twists and turns and nobody knows what the future holds.

By protecting your children and grandchildren’s inheritance with a trust you can guarantee that it will be safe and that only they will be able to use it. Instead of leaving your children and grandchildren with uncertainty about their financial future, you can make sure that they are taken care of after you have gone.

April King Legal can show you the correct approach to take ensuring that you remain in control at all times. Talk to April King Legal today about Grandparent Wills.

Grandparent Wills – FAQs

Are Grandparent Wills a good idea?

It is important that your lawyer evaluates your individual circumstances before recommending a Grandparent Will to you. However, for those looking to protect a portion of their wealth for their children, grandchildren and future generations, Grandparent Wills are often a very good choice. They reduce the risk that your hard-earned wealth will be diminished as a result of threats such as care fees, creditors, divorce and remarriage. Such scenarios can and do impact many peoples' estates with the result that everything they've worked so hard for passes outside of the family.

Where can I read a review of April King's Wills?

Select the 'Who we are' dropdown in the menu and click on 'Reviews'. These reviews are honest appraisals by our clients.

How do I make a Grandparent Will?

First, call us to book a free appointment. This is a one hour session with one of our lawyers at a location convenient to you - typically the comfort of your home! Your lawyer will discuss your circumstances and explain whether or not they think a Grandparent Will would be of benefit to you. They will then offer a competitive quote, without obligation. If you would like to proceed, they will take full instructions from you. Your Wills are drafted at our head office under the supervision of our STEP Practitioner Paul King and our solicitors. You will then have another appointment during which your lawyer will talk through the contents of the Will with you and, provided that you are satisfied it reflects your wishes, assist you with executing it. You can also make Lasting Powers of Attorney (LPAs) at the same time if you want to - we offer competitive packages with heavy discounts for clients looking to make both Wills and LPAs at the same time.

All of the work is carried out by your lawyer for a fixed, competitive fee - even if amendments to the draft Will are necessary. Once your Will has been signed, you have 12 months to make any amendments you require without charge. After this, we charge a modest admin fee to cover the work involved in making the changes.