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My grandparents divided their estate evenly among their kids. However, my grandma did leave an insurance policy to me. I am the oldest of 11 grandchildren and was very close to my grandparents. I am not sure if any other grandchildren received anything.
None of my grandparents had a will. They didn’t leave me anything, which is fine and they were not wealthy.
I think it would have been nice to have been remembered even just for a memento, something important that belonged to them. My aunt kept everything and even gave things to people outside the family (jewelry). To me it was really hurtful that my grandma didn’t think of me. I was 1 of 3 grandkids on that side, and the oldest.
On the other side, my grandparents had probably 20+ grandkids and great grandkids, so that was no surprise we didn’t inherit even a memento.
My maternal great grand parents came from foreign lands. It was customary to bequeath the oldest ( first born) grandchild with an heirloom or parcel . Usually if it was female it was silver household items or a family jewel---be it a necklace or ring. My mother received her grandmothers diamond ring. Which could have easily been pawned during the great depression but was kept out of duty for the family heritage. When my mom passed she asked that I give it to her granddaughter- my niece. Though she wasn't the first born grand daughter My mom knew that this grandchild wouldn't sell it. Her parents raised her to appreciate family heirlooms and her heritage. I'm so glad that particular niece has it .
My grand dad then did the same upon his passing. My eldest brother was the first grandson/and grandchild. My grand dad left him part of the family parcel of land. My brother did what any 18 yr old kid would do that was college bound. He immediately sold it and pocketed the funds. There went that family custom .
No, you are not wrong. However, only you know your children/grandchildren and family dynamics. Keep in mind financial circumstances can and do change, but if your children are fairly stable, making them the only beneficiaries is common.
If you would like to include your grandchildren as beneficiaries in your will, one way is to make bequests of specific dollar amounts or percentages to them. You can also create a separate document such as a gift statement which lists personal property items so that they are distributed to specific beneficiaries. This works well for art, china, a car or boat, dad's golf clubs, etc. Make sure you sign and date it and attach it to your will.
Choosing an executor/personal representative and an alternate you trust is critical.
This is the direction we are going . It’s been a challenge as our dil has pretty much destroyed her husband ( our son) family life with his side of the family and we don’t want her to benefit from an inheritance at all, but we can’t hurt our son or grandchildren because of his wife.
I had a will done several years back and needed to have it redone a few times due to family members I named as beneficiaries whom I don't speak to any longer, divorce, and a family member who became an unwed mother (Why should I leave her money she'll give to her boyfriend who isn't paying for the kid?). I suggest making your will less complicated so it doesn't need to be redone several times and cost you more money, the fewer people named the better, or tell your executor who should receive money without putting it in the will and keep the list of beneficiaries updated.
Distribute your jewelry and other precious mementos whilst alive. It's wonderful to see my old jewelry reset and being worn in a totally new and modern way.
I've started distributing annual cash gifts to my "heirs". I tell them to use the money any way they want. It can go for an investment, or they can use it for a frivolous trip somewhere.
My parents are the first in the family line to have a will and trust. Dad passed at age 93 last year and mom just turned 92. Everything is in a trust 50/50 for me and my brother. I have 2 adult kids and it will be up to me to pass things to the grandkids, either when I die (my trust is 50/50 between them) or while I'm alive. My brother is a single guy who never married or had kids, doesn't have a will or trust, and I fully expect him to die broke no matter how much money he has.
It get's weird when things like divorce or disowning someone comes into play. My kids are close to their other grandpa, who is just shy of 100, but their dad and I divorced a decade ago. My ex is like my brother, he can't NOT spend whatever amount of money he has. I know my FIL has a will and trust but I have no idea if he's mentioned the the grandkids but I don't really expect him to. I think he'll leave it all up to my ex whether to pass some of his inheritance to our kids or not. It's ok either way
I'm almost 74 and thinking WAY down the road . I have a current Will that basically leaves everything to my 3 children. I have 7 grand-kids and 2 step-grand kids The grand kids range in age from 15 to 26 and the step grand kids are 30+.
Am I wrong in putting the burden on my kids to distribute to their kids as they see fit ?
I am 62 and have had a Will for some time now. (Frankly, since my husband didn’t have one, which . . . well . . . was not helpful.). There is no “thinking WAY down the road” where a Will is concerned. Anyone who wants certain people to have certain things needs a Will - at any age. Anyone can get hit by a bus or have stroke or heart attack. Even young people.
Okay, I’ll stop my unsolicited opinion before it gets too ramped up. LOL
Anyway, I have my grandson in my Will, but I have one grandchild. You have more to think about and “divide between”.
It's mine, mine, mine, and you can't have it until I don't need it anymore
Correct!
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. I have a current Will that basically leaves everything to my 3 children. I have 7 grand-kids and 2 step-grand kids The grand kids range in age from 15 to 26 and the step grand kids are 30+.
