An Estate Plan That Does Not Include Your Children as Beneficiaries of Your Will

When you think about parents disinheriting your children, you probably imagine an exhausted grandmother opening her laptop after Christmas dinner and revising her will because her son and daughter-in-law made one rude comment too many, and the testator decided that she had endured enough years of disrespect and ingratitude from this side of the family. This is not how it usually happens when people write close family members out of their will. Estrangement sometimes plays a role, but it usually happens slowly, and disinheriting family members is usually only the final stage in the process. Some people dearly love the relatives they do not list as beneficiaries in their will, and the relatives often reciprocate. The problem might be with the will instead of with the heirs. If you think that listing your children as beneficiaries of your will is going to make their situation more difficult instead of easier, contact a Bronx probate attorney.

Why Do Some Parents Choose Not to Leave an Inheritance for Their Children?

Your choice of beneficiaries in your will is no one’s choice but yours, but you should not make the decision impulsively. Do not disinherit your children in a fit of anger. Many parents who have been estranged from their children for decades still leave them an inheritance in their will. Even if you do not reconcile while you are alive, the bequest in your will is a way of showing them that you never stopped loving them. If you are sure that you and your children no longer have a relationship, and there are other beneficiaries who need the money, it is your right to write your will as you choose. Just be clear about it in your will. Mention your children by names and birthdates and indicate that they will not inherit anything.

Sometimes parents who have a close relationship with their children do not leave them an inheritance. The parents and children agree that, since the children are financially secure, the money should go to someone else, or the parents leave property to the children through non-probate assets instead of a will.

When It Makes Sense for Your Children to Inherit From You Through Non-Probate Assets

With enough estate planning, you might not need to leave your children an inheritance in your will. Instead, they can inherit from you through non-probate assets like trusts, transfer on death (TOD) and payable on death (POD) accounts, or life insurance policies. If your children cannot become financially independent due to health issues, it is better to make them beneficiaries of a trust instead of beneficiaries of your will. This way, you can leave instructions in the trust instrument about how the trustee should spend the money for your children’s benefit.

Schedule a Confidential Consultation With a Bronx Estate Planning Attorney

A probate lawyer can help you provide for your children or other beneficiaries through your will or non-probate assets.  Contact Cavallo & Cavallo in the Bronx, New York to set up a consultation.

Source:

msn.com/en-us/lifestyle/parenting/making-the-tough-decision-when-to-consider-removing-your-children-from-your-will/ar-AA1x7rrZ?ocid=msedgntp&pc=ACTS&cvid=693f4b345ecd4a3d94aceb1b6e562f38&ei=23