According to the AARP, over 10% of children in Oklahoma live with their grandparents in the home.  Further, of these almost 80,000 grandparents are the primary caregivers for their grandchildren.  As a result, many people want to provide an inheritance for grandchildren in their last will and testament.  This is something that is possible.

Leaving Inheritance for Grandchildren

First and foremost, to leave an inheritance for grandchildren in your family you will need an estate plan.  This is very important.  If you do not have an estate plan, your estate will go into something called “intestacy”.  This means that the assets of the estate will follow the state’s succession laws.  In Oklahoma the succession laws do not provide for grandchildren if your child—who is the parent of the grandchildren—is still living.  The child will receive a full portion and the grandchildren will receive nothing.

So, to avoid this you can create a will that names your grandchildren as the heirs.  Further, if your grandchildren are still minors you can create a trust.  Trusts have a plethora of options.  These are useful for minor heirs because they are administered by a trustee that you designate.  This way the children can have responsible and supervised access to their inheritance.

Setting up Inheritance for Grandchildren

Again, to avoid intestacy you must have some sort of estate plan.  This means you can create a will, a trust, or go to an attorney to draft more specific documents.  It is highly recommended that you use an attorney to ensure your estate plan is secure and valid.  Any estate plan that is invalid will automatically go into intestacy leaving no inheritance for grandchildren.

MORE INFORMATION ON HOLOGRAPHIC WILLS .

Wagoner Estate Planning Attorneys

The Wagoner Estate Planning Attorneys in our offices have years of experience creating and drafting wills.  Leaving grandchildren an inheritance is a common practice in estate planning.  We know how to draft your estate plan in a valid way while considering all your wishes. Your initial consultation is free.