How to Split Up Money From a Will Amongst the Grandchildren
Writing a will gives the ability to choose what happens to your assets after you die. Often, grandparents leave money to their grandchildren to pay for educational expenses or to provide a cushion for them as they start their lives. There are no laws requiring the writer of the will to split the money evenly or to include all of the grandchildren. However, if the writer does not specify how much each child receives, it is up to the executor of the will to make the determination.
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Instructions
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Examine the will for a clause specifying the division of assets. The will may state how you should divide the money. If the will does not mention the grandchildren and you are gifting them money from a received inheritance of yours, it is up to you to decide who receives money and how much to give.
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Consult an attorney regarding the laws in your state. If the will specifies that you are to divide the money amongst the grandchildren, typically you should split the money evenly. Not doing so can lead to someone contesting the division.
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Count the grandchildren and divide the amount by the number of recipients.
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Write a check to each beneficiary from the estate or your personal account. If the child is underage, consider placing the money in a trust for her educational expenses.
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Tips & Warnings
If you are gifting money you received from an inheritance, as of 2011 you can gift up to $13,000 per grandchild without tax repercussions for you or the recipient.
If you and your spouse give money from a will, you can give up to $26,000 per recipient but must file IRS Form 709 when you file your taxes for the year.
