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How Should Grandchildren be Included in the Estate Plan?

September 15, 2017

 

 

 

When making an estate plan, grandparents are often concerned about including their grandchildren.  This is both a personal and financial choice with several available approaches, and may depend on whether the grandchildren’s parents are still alive.

 

Here are a few points to consider under California law:

  • If there is no will or trust, intestate laws will make grandchildren beneficiaries only if their parents are deceased.

  • If a grandchild without parents is a minor, they cannot receive assets directly, and a guardian is required.

  • If the amount is less than $50,000, the Child Uniform Transfer to Minors act allows the account of a minor to be managed by a trusted adult, without the expense of a guardianship.

  • Specific bequests or gifts in trust can be made to adult grandchildren under any circumstances, even if their parents are still living.

In any case, the including grandchildren in the estate plan requires assistance from an attorney experienced in these issues.  Call Attorney Andrea Shoup at 951-445-4114 to discuss your concerns.

 

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