Grandparents hoping to leave their legacy behind for grandchildren may run into various legal issues if those grandchildren are not of the age of majority. Furthermore, when we really talk to clients, most feel that the legal age of majority of 18 is not enough maturity to leave that grandchild a significant gift. A Georgia will and trust attorney can help you determine the best options for leaving behind your assets to underage/immature beneficiaries.
In some situations, you may wish to keep younger beneficiaries from accessing their inheritance until they have reached a certain age you choose. If the grandchildren are underage, you will need to name a trusted adult to oversee the funds since minors are not allowed to own property in Georgia. If a significant amount of property is left to a grandchild, you may wish to use a trust to manage the property.
Trusts can be used to ensure that the minor can benefit from the inheritance, so it can be used for their education, for example, but would not have direct access to it to spend the money unwisely or use the money to fund less than desirable behavior. You can find out more about trusts and protecting your beneficiaries by attending our Client Orientation Meeting held the second Tuesday of every month at 2 pm, right in our office.
One word of caution, when it comes to life insurance and similar assets, it is common for grandparents and parents to name grandchildren or children as beneficiaries on these policies. It is important to review these beneficiary designations on a regular basis to make sure each one lines up with your planning. This is why at Bennett Watson Trust, Estate & Elder Law, we not only prepare excellent estate plans, we make sure all of your assets are aligned with your plan. Your Georgia estate planning attorney can help you figure out the best strategies for accomplishing your goals Call us to reserve a seat at our next Client Orientation Meeting today!