How can I pass my retirement savings to my grandchildren?

Family & Grandparenting
1

Now that my retirement funds are in a good place, I’ve been thinking about how to ensure my grandchildren benefit from my savings. There’s a lot of information available, and I’m curious about the best strategies. Should I set up a trust, or will including them in my will be enough?

I’m also aware of the tax implications, especially with all the recent changes in laws. My goal isn’t just to leave them money but to also teach them the importance of saving and investing for their future. Has anyone else gone through this? What methods have you found effective for supporting your grandchildren after you’re gone?

What resources or advice did you find helpful when planning your estate? Did you involve your grandchildren in these conversations at all?

2

I helped my parents set up a custodial account for my kids, which has worked pretty well. It’s hands-on and they can see the money grow, plus it teaches them about saving. Maybe consider involving your grandkids in conversations about it; it could be a good way to get them interested in managing money!

3

I’m in a similar boat! I just set up a 529 plan for my grandkids—helps with college and I can give them some lessons on saving. It’s not a full estate plan, but it feels good to set them up for the future without too many tax headaches. Have you thought about something like that?