Deciding Whether to Leave Assets to Your Grandchildren

As you age, it is common to think about the financial well-being of your family, including your youngest family members. This might include not just children, but also grandchildren and great-grandchildren. Assets passed on to these family members can then be used to pay for things like college funds or purchasing a first home.  Deciding whether to pass assets on to grandchildren requires weighing several options. Each family is unique, and when it comes to creating an estate plan to benefit your loved ones, you should consider how to tackle your grandchildren’s needs without creating any subsequent legal challenges or tax burdens.  Trusts Can Prove Particularly Helpful If you have one or more grandchildren who are minors, you might decide to pass assets to a trust. You also might then decide to appoint a person or financial entity to manage the trust for you. Trusts can help permit a person to address their wishes.  Assets Need Not be Distributed Equally If you have multiple grandchildren, you can choose between passing on assets in an equal or unequal manner. Some people decide to pass on the same amount of assets to each grandchild to avoid feelings of jealousy or hurt among [...]