Making an estate plan can be difficult, especially if you are not exactly sure how you should handle the inheritance of one child in particular. Some choose to disinherit a child for a reason, leaving them nothing, but sometimes that is not actually the best option no matter what your reason is for doing it. A Fayetteville, Arkansas estate planning lawyer can help you figure out if there is a better choice to be made.
When Do People Choose to Disinherit a Child?
We have heard parents give a few different reasons for their decision to disinherit a child. Some of the common justifications include:
- One child is far better off financially than their siblings
- One child relies on disability benefits
- One child is irresponsible with money
Any of these can seem like a good enough reason to disinherit a child, but there could be drawbacks to doing this. One obvious issue is that the move to disinherit a child could really upset them, no matter what your reasoning is for leaving them out of the will. Another problem is that life circumstances can change, and someone who may not have needed an inheritance before could end up needing more money later.
Would a Trust Be a Good Option for Some Beneficiaries?
This is why we often recommend that our clients look into different types of trusts when they are setting up their estate. A special needs trust can be set up for a loved one with disabilities. It would not count as an asset of their own, which means that they can still receive benefits from the government.
If you have a child who you consider to be irresponsible, setting up a trust for them might be a good idea. You can put a trustee in charge of the funds and make sure that your child does not blow through everything that you left for them in a short period of time.
What Should I Do If I Change My Mind About Disinheriting a Child?
If you are having second thoughts about disinheriting a child, then you need to talk to your lawyer as soon as possible. Get your plan revised and make sure that everything has been sorted out so that one of your children does not lose their inheritance.
Do I Need a Lawyer to Make My Estate Plan?
Some people think that they can do an internet search or two and come up with everything that they need to make their estate plans. The issue with this is that making a legally binding estate plan can be more difficult than you would guess. You are better off dealing with an experienced estate planning lawyer who can answer any questions that you have and ensure that every part of your plan is in order.
Schedule Your Consultation
If you are ready to learn more about your estate planning options, you need to contact the Knapp Law Firm. We can answer your questions and help you find a fair way to divide up your assets.