Grandchildren Inheritance is an important issue in many Estate Plans. In Oklahoma if you don’t provide a will or some sort of estate plan, your estate will go into probate as intestate. This means that the court will divide and distribute the assets according to the state succession laws. In other words, this could exclude your grandchildren from inheriting anything. Oklahoma has around 80,000 grandparents raising their grandchildren. As a result, most grandparents want to include grandchildren inheritance in their plan.
To avoid letting your estate go into intestacy, you need an estate plan. This will allow you to ensure your grandchildren get the inheritance they deserve. You can do this in several different ways. First, you can create a will. This will leave specific instructions on who receives which property. So if you want to leave your grandchildren your home, bank accounts, or other assets you may do so here.
However, in some cases when grandparents pass on their grandchildren are sometimes still minors. This means that the grandchildren cannot legally hold certain items in their possession until the age of 18. As a result, you can ensure your grandchildren inheritance through setting up a trust. This will allow you to set up parameters for how money is to be spent or assets to be used. It can remain in an account until the grandchild reaches adulthood in which they can then take possession.
READ MORE ABOUT CREATING A TRUST IN YOUR ESTATE PLAN HERE.
How to Ensure Inheritance
If you want to ensure your grandchildren inheritance, then you must have a plan. In intestacy, your estate will send one half to your living spouse and the rest divides equally among your children. Grandchildren receive no inheritance. The only way a grandchild will receive inheritance in the case of intestacy is if your child who is their parents is already deceased. Then the grandchild will receive the inheritance their parent would have received.
OKC Estate Planning Attorneys
Our OKC Estate Planning Attorneys can help you not only set up a valid last will and testament, but also ensure your grandchildren inheritance in it. We have years of experience creating airtight plans. Don’t let your grandchildren lose out just because you have not set out an estate plan. Call our offices today for a free consultation.