Though you may have good reasoning for it, it may be in your best interest to rule out the idea of disinheriting your child from your estate plan. This is because, regardless of what your relationship may be, you do not want to leave your child with a tainted memory of you when you pass on. Rest assured, there are alternatives at your disposal. Continue reading to learn the alternative options for disinheriting your child and how an experienced Putnam County estate planning attorney at The Law Office of Andres D. Gil, PLLC can help you choose an optimal plan.
What are alternatives options to disinheriting my child?
There is almost always an alternative solution to disinheriting your child. For example, say that you do not want your child to receive an inheritance because they are already significantly more financially successful than their siblings. Though you may be attempting to maintain an equilibrium, you cannot predict that your child’s finance will remain the same once you pass on. Your child may encounter legal issues, medical issues, or otherwise a life challenge that financially drains them. Therefore, an alternative option to this is to leave your child’s inheritance in a trust fund. Here, a trustee may control when and how your child receives these assets.
Of note, you may also opt for a trust fund if your child is somewhat financially irresponsible. That way, once they are matured and settled, a trustee may open up these assets for them.
In another example, say that you do not want your special needs child to receive an inheritance because you do not want to jeopardize their government benefits. Though you may be attempting to maintain the benefits that they require, this financial assistance may be minimal. Therefore, an alternative option to this is to leave your child’s inheritance in a special needs trust. Here, these assets may supplement the benefits provided by local, state, federal, and/or private agencies.
What are the consequences if I disinherit my child?
You must understand that disinheriting your child may be a hurtful thing to do. Just some examples of its consequences are as follows:
- This is a permanent decision that you may regret if you make amends with your child in the future.
- This can affect your child’s relationship with their siblings if they sue for their share of the inheritance.
- This may cause your grandchildren from this child to be subsequently disinherited if you do not establish specific provisions.
The bottom line is that, if you are looking to establish an estate planning document, then you need a skilled Putnam County estate planning attorney in your corner. Call or send a message to The Law Office of Andres D. Gil, PLLC today. We look forward to hearing from you.