Estate Planning and Grand Children Inheritance is a part of what our Okmulgee wills and Trust lawyers help with. For many reasons people often wish to leave grandchildren inheritance. In some cases the grandchildren inheritance is important because the natural parent of the children is not present. This could be due to a death in the family or to grandparents having guardianship or custody of the grandchildren. As a result, it is important for grandparents in this situation to have an estate plan in order to ensure their grandchildren inheritance.
Grandchildren Inheritance Plans
Under Oklahoma law, there is a term for dividing and administering a person’s property upon their death if they do not leave a will or trust behind. This is “intestacy”. If your estate goes into intestacy, then your assets and property will follow the Oklahoma laws of succession. This means that the closest living relative will receive the property. So, if you are raising your grandchildren and do not want to leave your estate to one of your immediate children, but you grandchildren instead, you will need an estate plan. There are several you may choose from:
- Last Will and Testament: A will, when properly drafted, devises your property and assets how you choose. Thus, you can name a beneficiary of your assets and lay out certain parameters regarding the property. For example, you may put in a clause such as “upon the age of 18 my grandchildren inherit the house”.
- Trusts: There are several types of trusts you can provide for your grandchildren in after your passing. These are revocable or irrevocable and will need a trustee to administer the trust. Many grandparents use this as a tool to provide a steady stream of income to grandchildren without providing them the entire lump sum at once. For instance, you may provide that your grandchildren receive $1,500/mo. for 18 months or until the trust is exhausted.
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Establishing Grandchildren Inheritance
In order to create a will or trust regarding grandchildren inheritance, you need to be sure the document is in the proper form. There are many nuances to creating a will or trust that you may overlook without the help of an attorney. For instance, if you adjust a typed will by writing on it, the entire will may be void. Thus, your estate will go into intestacy. The same will happen if you do not have proper notarization or witness signatures. The Okmulgee estate planning Attorneys at Kania Law Office offer a free consultation to anyone with questions regarding estate planning and grand children inheritance. Call our click the ask a legal question link