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.