Can I Disinherit My Children?

Many parents create their Last Wills and Testaments early – often when their children are still very young. However, times can change – and the child you once knew may not need the inheritance or may no longer seem like someone you want to leave your wealth to. In this situation, you might be curious about “disinheriting” your child. How exactly should you do this? What are the potential consequences of removing your child from your Will or Trust? These are questions you may want to ask an experienced West Palm Beach estate planning lawyer.

You Must Alter Your Will as Soon as Possible 

If you have decided that you do not want your child to inherit any of your assets, you need to adjust your Will or Trust as soon as possible. It doesn’t make sense to procrastinate in this situation, and you never know what the future might bring.

When altering your Will or Trust, do not make the mistake of simply removing your child’s name. Instead, you should clearly state that you wish to exclude your child from the inheritance process.

If you simply “delete” your child’s name from the Will or Trust, the probate court may assume that you made a mistake and forgot to include them. This could potentially allow the child to challenge the validity of the Will or Trust and potentially gain access to assets.

Not only will this go against your wishes, but it will also cause needless delays and issues during probate. This could potentially cause rifts between your family members, especially if you told other relatives that you wanted to exclude your child.

You Might Need to Adjust Your Trust as Well 

If you have created a trust, you may also need to make the necessary adjustments to this estate planning tool. Again, it may not be enough to simply omit your child’s name. Instead, you should alter the conditions of the trust to specifically exclude your child from gaining any access to the assets. You may also want to meet with the trustee and make your goals clear.

On the subject of trusts, it may be possible to leave your child some degree of financial security without giving them access to the bulk of the family fortune. A “spendthrift trust” could distribute assets in an extremely gradual manner providing just enough to cover the child’s basic necessities.

It may also distribute assets only when the child has met certain conditions such as earning a college degree or completing a drug rehabilitation program. The exact conditions of the trust may depend on the nature of your relationship with the child.

Can an  Estate Planning Lawyer Help Me Disinherit My Children? 

If you are serious about disinheriting your children, you should do so with the guidance of an experienced estate planning lawyer. These legal professionals can help you remove your child from a Will or Trust in a way that minimizes potential issues in the future. They will also have notes to memorialize your wishes which can later be referenced if your child tries to overturn your wishes. To learn more about the next steps in this process, schedule a consultation with Kitroser Lewis & Mighdoll today.

Sources: 

bbc.com/news/magazine-33694303

theacorn.com/articles/ruling-pulls-inheritance-away-from-grossman-grandkids/