You may want to leave your children out of your will for many reasons. It may be because you have already given them their inheritance in advance, or they have become estranged. Whatever the reasons, you are entirely within your rights to do whatever you want with your assets. However, if you are going to leave something for your grandchildren, how do you include them in your estate plan without their parents getting anything?
A will and a trust
Write a will specifying how you want to distribute your assets. This will allow you to skip your children and leave your assets only to your grandchildren. In your will, it is vital that you name a trusted property guardian for your grandchildren who are still minors. Otherwise, their parents will still have control of their inheritance until they come of age.
You could also opt to use a generation-skipping trust. These trusts are a terrific way to preserve your assets for your grandchildren, as the estate tax on these trusts is lower.
Make sure your will is watertight
Sign your will and have it dated and witnessed by at least two neutral parties. The witnesses must not benefit from the will to be a neutral party. Furthermore, every signatory to the will must be of sound mind and legal age. Having the will notarized and witnessed by an attorney is not required but will help strengthen it against challenges.
Make your will extremely detailed
List all your assets and property in your will and specify to whom each will go exactly. You can even make a customized estate plan if you wish. Remember that you can always seek legal counsel if things get more complicated. Your grandchildren’s inheritance is your legacy, something you want to get right while you’re still alive.