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Welcome to AskMommy.ca Q&A, where you can ask pregnancy, baby and parenting related questions and receive answers from other members of the community.

Leaving an inheritance for Grandkids?

25 votes
Are you in the position to start a trust fund or education account for your Grandkids? Or do you hope their parents will set aside a portion of any inheritance you leave? Maybe you are not in postion to leave money, so is there cherished mementos you want to will to specific grandbabies?
asked in Grandparents by Guppy (6,010 points)

8 Answers

4 votes
I am one of three siblings and we are all getting 30% each of what my parents leave behind, they have decided to split the last 10% between all of the grandchildren whatever that may be.  I think it is fair for everyone and it is nice to think of the grandchildren too.
answered by Sabbie (243 points)
3 votes
I really like Sabbies family plan.  I actually come from a more old fashioned Irish family.  Everything was left to the first born male, who happened to have 4 upset older sisters when he got all the money, the farm and the house.  I say spread the wealth as much as possible because you dont want to have a family squabbling when you are gone.
answered by mrsmom (261 points)
5 votes
I never thought about leaving something for the grandkids because when you leave it for their parents then shouldnt it trickle down to them anyways.  I guess I should set something aside, especially the way my kids spend money.
answered by Shauna44 (220 points)
2 votes
My parents have not discussed that with me regarding my new little one and frankly I never really thought about it.  I would be happy to give up some of my inheritence for them to put something aside in a trust fund or a scholarship fund.  Thanks for bringing this up, I am going to talk to them about it this weekend.
answered by LoriAnnG (245 points)
2 votes
My inlaws and my dad have started RESPs for our little one.  Instead of trying to put aside money ourselves (which is hard in this economy with a mortgage, bills, groceries and RRSPs) we know that when/if our son decides to further his education the money will be there.  Such a nice legacy to give a child an education.
answered by channylaf (3,549 points)
That's awesome they can help out. I agree its hard to juggle it all when you're just starting a family and home.
1 vote
We never expect our parents to help, I feel it's our job to put away for their future.  I'm sure they will leave them something (to the best of their ability), we just don't expect anything.  We have been investing into RESP's since they were born, it's a smart investment.
answered by karlisss (3,585 points)
1 vote
If you can leave your grand children a trust then I say you should do it for sure.  Most of your money should go to your children but something for the grandchildren is a thoughful thing as well.
answered by Amanda (273 points)
0 votes
It's not something I think about, but if I do, it won't be much. I would rather spread the wealth around when I am alive, travel, help out people in need etc. Leaving an inheritance can be good, or it can create problems. I have no expectation of receiving anything from my father, and that's quite all right with me. I would rather he live a good, happy life and use his money the way he sees fit.
answered by jenna3967 (2,690 points)