A recent study has found that when it comes to passing on an inheritance or leaving a legacy, grandchildren are the most likely to benefit.
Data from SunLife found that 70% of grandparents intended to pass on a significant lump sum to their grandchildren, with more than 55% of those questioned stating that they would rather send money to their grandchildren directly than trust their own children to hand the money on. Indeed, many grandparents surveyed said that they would ring fence money for their grandchildren as part of their Will.
The vast majority indicated that they would simply write their grandchild into their Will rather than trusting their child to pass on the money, with many grandchildren enjoying an exceptionally close relationship with their grandchildren. Experts state that grandparents can often establish close relationships as they are often a vital part of childcare for grandchildren. Indeed, 30% of grandparents reported that they enjoyed their relationship with their grandchildren more than with their own children.
The Importance of Drafting a Will
While many people try and leave money to their loved ones, many fail to do so as they do not have a valid or proper Will in place. A Will is a vital document that can allow you to pass on an inheritance to a loved one and ensure that your family and friends are cared for once you are gone.
Ian Atkinson, a spokesman at SunLife, the group behind the research said: “The fact that over two-thirds plan to leave an inheritance directly to their grandchildren shows how much they’re in their thoughts.
“Of course, if you are planning to leave your grandchildren an inheritance, it’s important to have an up-to-date Will — without one, the law will decide what happens to your estate, so your wishes might not be met.”
The Danger of a “DIY Will.”
Despite the importance of such a document, many people opt to try and save money when it comes to creating a Will by using a template that can be bought online or on the High Street. Although such a template is a cheap alternative, it can create significant problems in the long run and prove to be more expensive.
A DIY Will can result in significant legal costs for your loved ones as such a document can fail to properly pass on an inheritance. This is because such a document is often filled out incorrectly and is not always legally binding. A DIY Will can also result in legal challenges, and if filled out incorrectly, such a document can see your inheritance passed on to someone you did not intend.
While creating a Will can secure the future of your family, especially if it is done through using a solicitor, it is also important that you keep a Will up to date. Purchasing new properties, having a child get married or even having grandchildren can affect your Will or lead to some people in your family not being accounted for. Therefore, it is essential that you keep your Will up to date to ensure that it remains relevant to your family circumstances.
Contact Us
To ensure that the future of your loved one is secured once you are gone, you should create a legally binding Will using the help and support of a solicitor. At Mccarthy Law, we are experts in drafting and reviewing Wills, so if you require legal support regarding any inheritance matter or any family law issue, contact us today using our online contact form.