Startling new research has shown that one third of grandparents don’t trust their children to pass inheritances onto the grandkids.
Financial services company SunLife has discovered that whilst most grandparents want to leave their grandkids a legacy, they’re worried about money getting passed on.
Seven in ten grandparents say they will leave their grandchildren an inheritance, but more than half will leave this directly in their children’s names.
These levels of distrust could reveal a lot about modern families. According to SunLife, many grandparents would like to spend more “quality” time with the youngest members of their family.
Despite this, modern grandparents are spending more money on their grandkids than ever before. Many drive up to 200 kilometers, just to provide regular childcare for the family.
One in five grandparents help with the school run, whilst half babysit. Due to this amount of time spent together, grandparents spend over $116 per month on their grandkids on food, hobbies and gifts.
According to Ian Atkinson from SunLife, “The fact that over two thirds plan to leave an inheritance direct to their grandchildren shows how much they’re in their thoughts”.
“Of course, if you are planning to leave your grandchildren an inheritance, it’s important to have an up-to-date Will”, Mr Atkinson explained.
“Without one, the law will decide what happens to your estate so your wishes might not be met”.