Becoming a new grandparent is the start of an exciting new adventure in your life. Transitioning into the role of a grandparent can have its challenges.
The following is a list of how to prepare for grandkids.
Create a dedicated space
If it’s been a while since you had children in your home, you may need to ready the space for kids. Ensuring you have a crib, child seats and age-appropriate toys is critical. Check the house for anything unsafe for babies or toddlers and make sure you cover the outlets. When your grandchildren visit, have a space dedicated to them to sleep and play.
Set a Schedule With the Parents
If you plan to help the parents with childcare, set up a schedule in advance. Talk about when you can reasonably watch your grandchildren and how long you can watch them. When it comes to caring for your grandchildren, you may want a routine for both you, the parents, and the children.
Update your estate plan
You should be updating your estate plan with every life event. When you have grandchildren, you may want them to be able to receive some of your assets. There may be specific items or assets you want your grandchildren to have. To ensure that your grandchildren receive the assets you put aside from them, you need to have a will or trust. With a trust, you can make sure your grandkids receive what you want.
If you worry about any of your assets, another way to keep money or belongings in the family is to gift them while you are alive.