Grandparents often want to leave a gift directly to their grandchildren in their estate plans. Your gifts to your grandchildren are a part of your legacy. Giving what is called a class gift – a gift left to a particular group of people – allows you to divide money equally between your grandchildren. If you plan on leaving a gift for your grandchildren in your will or trust, you may want to consider the possibility that some of your grandchildren could be born after you have become incapacitated or after you have created an irrevocable trust. In these cases, you cannot change the language of your trust to individually include the new grandchild, even if your intended for all of your grandchildren to receive gifts from you. A knowledgeable Glen Ellyn, IL estate planning attorney can help you create trust that accounts for this situation.
