Here at The Probate Lawyers, we understand that sometimes parent-child relationships are complicated. With this, you may be unsure how to incorporate your child into your estate plan, if at all. But at the end of the day, we encourage you to think this through. Follow along to find out why you should think twice before disinheriting your child and how a proficient Broward County estate lawyer at The Probate Lawyers can offer you some guidance.
Why should I think twice before disinheriting my child?
Just like the time of your death is unpredictable, the time that your child suddenly may need financial support may be unexpected.
For example, say that you do not feel the need to leave your assets for your child because they are already financially successful. But maybe your child experiences a time of financial hardship after you have passed on (i.e., they undergo a divorce, they undergo a bankruptcy filing, they are diagnosed with a serious medical condition, etc). Hopefully, this never happens; but nonetheless, it is a possibility. So you may want to leave them with an emergency fund to use in instances such as these.
Another example is that, say that you do not feel comfortable with leaving money for your child because they are struggling with drug or alcohol abuse. Well, there may come a time when your child wishes to get clean and enter a rehabilitation program. This is an instance in which you may want to financially support them.
A significant takeaway is that if you disinherit your child, this may mean that you are subsequently disinheriting your grandchildren. This is unless you go out of your way to make special provisions within your estate plan.
What other options should I consider for my child?
Disinheriting your child may leave lingering feelings of anger or resentment. But with your departure, surely you want your child to understand that you love them and that you want to continue to support them. This is why there are less drastic options to consider than to disinherit your child altogether. They are as follows:
- Establish a trust so that a trustee can provide or withhold financial assistance from your child as they deem necessary.
- Establish a “token gift” in the form of a smaller inheritance for your child.
- Establish a “no-contest clause” so that your child’s inheritance is completely taken away if they contest.
The bottom line is that, if you are struggling to determine how to incorporate your child into your estate plan, then you must have a talented Broward County estate lawyer in your corner. Call or send a message to The Probate Lawyers today. We look forward to hearing from you.
