When parents are making their will, they have to decide which of their children gets which assets. Sometimes they might decide to disinherit a child, leaving them nothing from their estate. There are many reasons why people decide to do this, but there also might be some good alternatives to leaving a loved one out of the will completely. A Woodland Hills trust attorney from our firm can help you sort through your options and make the right decision for you and your family.
Should I Disinherit a Child With Disabilities?
Some parents think that they have to disinherit a child with disabilities. This is usually due to their reliance on government benefits. The problem with said benefits is that they are not universal benefits set aside for anyone who is disabled. Someone has to be disabled and they also must have few assets of their own.
So if you leave behind anything for your disabled child, that could prevent them from getting the benefits that they need. There is a better option than disinheriting them though. You could set up a special needs trust. This can contain money that you have left behind for them, but it will not count as an asset of theirs. A trustee can monitor the trust and disperse funds when needed.
Should I Disinherit a Child Who Is More Successful Than Their Siblings?
Some parents take a look at their children and their financial situation when they are trying to come to a decision about what they should do with their estate. Sometimes when they compare their children, they realize that one is doing far better than their siblings. So they disinherit them and leave more money behind for their siblings.
This is not always a good idea though. First of all, success and good fortune can be fleeting. You cannot be sure what will happen to your most successful child in the coming months and years. The failure of a business, a divorce, or an illness could easily change their financial situation. Secondly, leaving your child out of a will, even if it is because they are on solid financial footing, can be hurtful.
Should I Disinherit a Child Who is Irresponsible With Money?
If your child cannot seem to hang onto money, it might be tempting to disinherit them. Whether they have issues with addiction or they just simply cannot stop themselves from spending, you may decide that you do not want your assets to go to waste.
We suggest a different approach. You can set up a trust, with someone else being responsible for doling out the money. This can prevent your child from burning through it all too fast. It also gives them the time to mature and become better at managing their money.
Schedule an Appointment With Our Legal Team
So if you have questions about your estate plan and whether or not you should disinherit a child, contact the Law Offices of Yacoba Ann Feldman. We can schedule a consultation and work with you to figure out the best possible plan for your assets.
