So, your family has been graced by the birth of a new bundle of joy, with all the excitement comes preparation. From babyproofing your home, to ensuring you’ve got spare nappies. However, you may also need to make provisions in your Will for your lovely new addition. We have put together a quick and simple guide to help you out when planning!
1. Does a grandchild have any rights when it comes to inheriting from your estate?
In the instance where a grandparent has passed away and left children, the children of the deceased will inherit from the estate. However, should any of your children pass before you whilst leaving children of their own, your grandchild or grandchildren will be entitled to their parents share of your estate. This is shared equally if they had more than one child.
2. I want to make provisions for my grandchildren.
If you would like to make provisions for your grandchildren outside of their potential entitlement should their parent, your child, predecease you, why not consider leaving them a gift!
Gifts can be sentimental such as a family wedding ring or photo album, or they can be monetary. If you decide to leave them a monetary gift, this will be paid out before the residual part of your estate.
3. I would like to leave a monetary gift for my grandchild, what should I consider?
If you decide to leave a monetary gift to your grandchild, you can impose an age condition, so they are not able to benefit from your gift until they reach an age of your choice. The most common ages for inheritance are:
Ø 16 years old.
Ø 18 years old.
Ø 21 years old.
These are generally the ages of legacy capacity, or generally when a person is traditionally deemed to be an adult.
4. I would like to leave a sentimental gift for my grandchild, what should I consider?
If you decide to leave a sentimental gift to your grandchild, sometimes you may not need the details. For example, if you choose to leave your red car to your grandchild but end up selling the car and forget to update your Will – this may cause disputes in the future. By simply stating, you wish to leave the car registered in your name can help to avoid any future disputes.
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