Estate planning for the grandkids too

On Behalf of | Nov 1, 2022 | Estate Planning

After your kids became adults, you probably transitioned your estate plan to take out those items that related to minor children. These might have included guardianship designations and educational accounts.

Indeed, you probably transitioned your estate plan to focus on your significant other, your legacy and long-term planning for your own life.

However, once your kids have grandkids, you might want to think about bringing back some of these minor-focused estate planning tools.


Talk to your kids about who they have designated as guardians, should they pass away. If you are part of that potential guardianship line, you too should include guardian designations, just in case you and your spouse pass. Your kids may have backups, but you want to prepare, just in case they do not or those back-ups do not act. Where you can protect your grandkids, you should.

Educational funds

You likely already closed out your 529 plans, Uniform Gifts to Minors Act accounts or Uniform Transfers to Minors Act accounts for your kids. Those same accounts and tax benefits can extend to your grandkids as well. These accounts can help them meet their educational goals.


Depending on your age, long-term care insurance may or may not be an option, but if it is affordable, it can be a great option.

Life insurance may also be a good option, if you are looking to supplement your grandkids’ or children’s inheritance.


Another estate planning tool for your grandkids is trusts. Trusts allow you to control how your grandkids receive their inheritance, even after you die. You can even control how your money and assets are managed, how distributions are made and when distributions should be withheld. You can even control who is in control.

The takeaway

A key takeaway for our readers is that even you do not have minor kids of your own, this does not mean you do not have minor kids to worry about. If you have grandchildren, you should consider adding them into your estate plan. Work with your Massachusetts estate planning attorney to make sure your estate plan fully reflects your legacy.