There is nothing more important than ensuring your assets are in the right hands, and this includes your grandchildren.
If you are in this position and want to do things legally, it’s time to look into this in detail.
This read is going to offer insight on what you should be looking to do as soon as possible. This information will prove to be useful in the long-run as you put together a robust inheritance for your grandchild.
1) Speak With Accountant
The first thing you should be doing is speaking to an accountant.
You want to see how much you have in your account before moving forward. This is going to shed light on what you can put in the inheritance and how to access it the right way. This is information your accountant will be able to draw up and is going to be privy to.
2) Set Up Meeting With Estate Planning Lawyer
It’s time to look into the legalities of this process because you don’t want to end up breaking the rules. To do this the right way, you want to head over to a reliable estate planning lawyer as they will have years of experience. They will know what to do and how to do it.
This is going to take all of the guesswork out of getting the inheritance in place.
The estate planning lawyer will be able to set up a proper document that is going to be signed off on by you. Look into doing this as soon as possible to kick things off.
3) Consider A Trust
This is one of the ideal options when it comes to young grandchildren. If they are not going to have access to this money right away, it is best to set it aside and look to clear out any details about how the trust can be used. This can be done alongside an estate planning lawyer and your accountant.
Please note this should be done as soon as you can because there are many details to go through. You don’t want to be rushed and taking your time is always advised. Look to not only go through your cash but also other assets that might be of value such as gold, diamonds, and other jewels.
There is a lot that can be passed on and you want to account for it all.