Understanding Disinheritance and Its Implications
“So, you’ve decided that a family member won’t be getting an inheritance, after all. Maybe you have an ungrateful or irresponsible family member you want to cut out of the will.”
If there’s someone you believe is more deserving or needs more of your help, that may mean someone else in your life may receive little or nothing from you when you die. However, be careful—disinheriting an heir is not as simple as leaving them out of your will, explains the article “How to Disinherit an Heir” from smartasset.
The Challenges of Disinheriting an Heir
Ensuring Your Intent is Clear in Your Will
One way is by leaving the person out completely. However, this could also leave your will up for interpretation, as there may be questions raised about your intent. A challenge could be raised that you didn’t mean to leave them out—and that could create stress, expenses and family fights.
You may also disinherit a person, by stating in your will that you do not wish to leave anything to this specific person. You might even provide information about why you are doing this, so your intent is clear. There could still be challenges, even with your providing reasons for cutting the person out of your will.
Working with an Estate Planning Attorney
The Importance of Professional Guidance
Identifying Potential Claimants on Your Estate
Legal Limitations on Disinheriting Family Members
Restrictions on Disinheriting Spouses and Children
Disinheriting Parents and Other Relatives
Reasons for Disinheriting an Heir
Estrangement, Financial Resources, and Other Factors
Charitable Giving as an Alternative to Inheritance
States With the Best Tax Rates for Retirees
Should Inherited Money Be Equally Split Between Family Members?
Two Words Could Undo Your Entire Estate Plan
Can I Disinherit Anyone I Want?
Preparing Children for Inheritances in the Future
Picasso’s Sole Heir Continues To Sell Artwork
Five Top Reasons To Add Beneficiaries to Investment Accounts
Update Will at These 12 Times in Your Life
Tapping an Inherited IRA?
Top 10 Reasons To Get Going on an Estate Plan
Estate Planning Legacy Planner
Everyday, we work with people who have lost someone they care about. There is so much these folks have to organize and manage. This planner organizes the information they will most need, in our experience, saving so much time and unnecessary cost. Besides organizing your information, it's so important to have a good estate plan that will keep your family out of court and conflict.
Please use the button below to receive a free copy of our Estate Planning Legacy Planner, an organization tool essential to any estate plan designed to help your loved ones take care of you and handle your affairs.