Having an estate plan in place is a prudent way to ensure your family is well cared-for in the event of unforeseen circumstances. Whether you already have an estate plan or you are putting it off until later in life, becoming a grandparent presents a perfect opportunity to create or update your will.
Even creating a simple will can be overwhelming when you are not sure of what to include in your estate plan. You can start by including the things that likely matter most to you as a new grandparent.
Naming new beneficiaries
If you already have an estate plan in place, it is likely that already list your children and other close family members as beneficiaries. You may also wish to include your grandchildren as beneficiaries and pass along specific assets to them. If you are writing a will or creating a trust for the first time, be sure to include all individuals you wish to pass down assets to, so as to reduce the risk of heated conflicts during the probate process after your passing.
Retirement preparation
Becoming a grandparent can also be an eye-opening experience making it apparent that you are drawing closer and closer to retirement age. In preparation for retirement, you might consider making specific preparations in your estate plan. Including details on an advance medical directive and assigning power of attorney to a trusted representative can guarantee that those around you will honor your wishes in the event that you become incapacitated or otherwise lack decision-making capacity.
While it can be a good idea to start estate planning as early as possible, it is never too late to put your will into writing. Becoming a grandparent can be just the catalyst you need to start sorting your affairs.