You will invest roughly two decades of time and tens of thousands of dollars to raise your children. They will benefit from your attention and from the income you earn throughout your professional career.
Once they move on to start a family of their own, you may no longer feel any sense of obligation to provide for them, as you have done your best to set them up for future success. However, you may want to provide some support for your grandchildren.
Can you leave an inheritance for your grandkids without leaving assets for your children as well?
Yes, you can choose your own beneficiaries
While children often feel a strong sense of entitlement to their parents’ estates, that does not mean they have a legal claim to the property their parents leave when they die. So long as you have a valid will or estate plan on record, you have the ultimate say about what happens with your property. Children only have an enforceable right to inherit if someone dies without a will.
Although you generally cannot disinherit your spouse, you can decide whether you want to leave anything for your children or not. If you choose not to, acknowledging that fact in the will in writing will help ensure the probate courts uphold your true wishes. You may even want to create a generation-skipping trust.
The right combination of documents and proper planning will make it simple for you to provide financial resources and support for your grandchildren without leaving any significant inheritance for your children. Learning more about the most useful documents for your estate plan can help you achieve your goals for your personal legacy.