Recent research by SunLife found that the majority of grandparents want to leave their grandchildren an inheritance, with many choosing to ring-fence money to ensure it is passed in accordance with their wishes.
The report showed that seven in ten say that they plan to leave their grandchildren an inheritance and of those, 55% will leave it directly to their grandchildren rather than trusting their children to pass it on.
Interestingly, choosing to write their grandchildren directly into their Will could be a result of the increasingly close relationships that modern grandparents have with their grandchildren. The report highlights that over half of those surveyed enjoy spending time with their grandchildren more than they do with their own children.
Tom Curran, Chief Executive of estate administration specialists Kings Court Trust, said: “The fact that such a large number of grandparents would like to leave an inheritance directly to their grandchildren is no surprise. However if you want to leave an inheritance to a specific person it is essential to have an up-to-date Will in place, as this is the only way to guarantee that your assets are passed to the people you want to benefit from them.
By ensuring that your Will is clearly and professionally written, your estate can be dealt with as smoothly as possible, reducing the likelihood of loved ones being unintentionally excluded when it comes to their inheritance”.