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The importance of estate planning after the birth of a grandchild

On Behalf of | Feb 4, 2022 | Estate Planning

In the months after you welcome a grandchild into your family, you may begin to wonder about passing your assets down to your loved ones.

Estate planning can help take that worry away since you can describe what you want in legal documents.

Avoiding fights among family members

According to Forbes, estate planning involves both health-related instructions and financial plans for what you want to happen after your death or if you are nonresponsive after an injury. These comprehensive plans allow you to choose who you want as a beneficiary, or a person that inherits certain assets and money.

Writing these directions down can help prevent fighting among family members. If you are planning to leave certain items or properties to your children and grandchildren, then you can specify who gets what.

Reducing confusion

Picking a trustworthy and responsible executor who you know will follow your instructions is important. This person is responsible for filing paperwork and dealing with reactions from other family members after your death. He or she also works with the courts near your place of residence, so you may want to think about that while choosing someone who lives out of state.

There are some legal ways to leave assets to your grandchildren while not leaving them to your children. Learning about this may help you as you plan out your estate.

Specifying details

You can gift personal items like jewelry or furniture to certain people in your will or in another legal document. Leaving other assets like stocks or money to a family member is also typical. Thinking about which loved one, child or grandchild would want which item can help you as you do estate planning.