Divorce is hard. There's no way to make this emotionally challenging time a walk in the park, but there is one way to make it simpler: hire a good attorney. A divorce attorney can act as your go-between during the proceedings, which minimizes the contact you need to have with your ex-spouse. Overall, this can lead to fewer arguments and a settlement that is more fair for all parties involved. If you're on the brink of divorce, we think reading a little more about divorce attorneys on this blog will be helpful. That way, you are prepared for what is to come.
Going through a divorce can be one of the most challenging and emotionally draining experiences anyone ca
Divorce and custody battles are often one of the most stressful and emotional experiences a family can go
Divorce can be a difficult and emotionally draining process. Couples who are going through a divorce ofte
Child custody cases are emotionally charged as they involve questions about the safety, well-being, and u
Divorce is a challenging and emotional process, often accompanied by disagreements and disputes over vari
Estate planning is a complex process, and it is something that you should only do with the support and assistance of an estate planning attorney. However, even with the help of an attorney, there are some situations that you'll need to handle delicately. For example, what should you do if you are considering disinheriting one of your children? Most parents automatically leave their estate to their children, typically split equally. If, however, you're thinking about disinheriting a child, here's a look at what you should know.
Your Child Could Contest The Will
If you have decided to disinherit a child in your estate plan, one of the things that you need to be aware of is that your child might take offense to it and decide to contest the will. He or she can contest the will on a number of different grounds, so it's important that you work with your estate planning attorney to proactively address these things.
For example, you can get a statement from a doctor and have more than one estate planning attorney sign off on the documents to help validate that you are of sound mind when you write the will. This prevents your child from claiming coercion or mental incapacity.
Additionally, you may want to include a statement in your will or as part of your estate plan that explains why you have disinherited that specific child. Addressing it upfront can prevent him or her from claiming that it was a mistake, an oversight, or an alteration after the fact.
Your estate planning attorney can help you to identify the best proactive measures to help eliminate any potential legal objections that your child may try to raise.
You Can Provide A Smaller Amount
If you are choosing disinheritance because you don't want to leave that child a significant amount, you can still combat the potential problems of disinheritance by leaving him or her a smaller lump sum. With a lump sum, you have the ability to include a contingency on the funds. Your child can only gain access to that payment if he or she agrees not to contest the will and to accept the distribution as it is defined.
This allows you to give your child some money without having to worry about him or her being irresponsible with the funds or selling your house out from under the rest of your family. This protects your estate and preserves your child's memories of the relationship you had together.
You Can Control Inheritance Access
If you prefer to leave your child a sizeable inheritance, but you're worried that he or she will be irresponsible with it, you don't need to opt for disinheritance as a means of protection. You can create a trust for your child with the full inheritance amount in the trust account. Then, you can add a trust management service or a trustee that you can rely on who will handle the fund distribution, accountability, and account management.
This is an ideal way to provide funds to a child when you are worried about irresponsibility, gambling, or other potential financial risks. Your child can only access the amount that you've defined at the intervals that you specify, so he or she is far less likely to irresponsibly spend the money.
Disinheritance is a serious consideration when it comes to your children. That being said, there are some situations that may actually justify it. If you're thinking about disinheritance, the information here can help you understand how to handle it and what your options are as alternatives. The more you understand, the easier it is to decide which is right. Talk with an estate planning attorney today for more information.
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