A "Second Generation Will" (or Trust) is a Will (or Trust) that utilizes so-called "second generation planning" for your children and other descendants. If you have children, grandchildren, etc., for whom you wish to provide benefits after your death, a second generation Will (or Trust) may be appropriate for you. Many individuals who have no children or other descendants, but who wish to provide for nieces, nephews or other loved ones (relatives or otherwise) also use second generation Wills (or Trusts).

The main benefits of second generation planning are (i) creditor protection and divorce protection for your children and other descendants for their entire lifetimes, and (ii) estate tax savings for your children and other descendants upon their deaths. (Note that second generation planning does not directly save estate taxes upon your death; in order to reduce your own estate taxes you should use any one or more of the other available estate planning vehicles, such as Irrevocable Life Insurance Trusts, Family Limited Partnerships, "Gift Trusts," etc.)