You have probably seen a movie or TV show that featured a dramatic threat of disinheritance. Too often, inheritance is portrayed-and actually used-as a bargaining chip in relationships. There are many legitimate reasons, though, that you may be considering it. If you are wondering what is involved in disinheriting one of your children, these four tips should provide some of the basic knowledge you need to know before proceeding with the process.
1. Disinheritance is illegal in some cases
There are currently no laws against disinheriting children in Florida, but in other places, there are some unique stipulations dictating whether or not you will be allowed to cut kids out of your will. This is worth considering if your kids live out of state. In some cases, children who are mentally or physically disabled cannot be disinherited, and there is sometimes an age limit on disinheritance, too.
2. Clarity is of the utmost importance
Some people make the mistake of leaving their children out of their will with the intention of disinheriting them. Unfortunately, this is a common oversight that is unlikely to have the effect you want. Simply omitting your childrens’ names is insufficient. If you wish to specify that your children are no longer inheritors, you should be as clear as possible, include their full names and state that they are not eligible to receive any inheritance.
3. You can grant power of appointment
Disinheriting a son or daughter is likely to be a difficult decision for anybody. If you do decide that it is the right choice, though, you can grant the power of appointment to another relative in your will or trust. In doing so, you can give them the power to include your children in your inheritance if circumstances change later. To accomplish this, you should give the beneficiary power of appointment to exercise.
4. A trust can control inheritances
In many ways, a trust offers more adaptability regarding your inheritance. A trust allows you to specify contingencies for the receipt of an inheritance, for example, and reserve the funds for specific uses. In order to do this, you should establish a lifetime trust for your children. The flip side of this adaptability is that disinheriting children may be easier when you are dealing with a trust than it is when you are dealing with a will.
Determining whether or not you will include your children in your inheritance is a difficult choice. Reach out to an attorney if you are interested in getting legal assistance with your will, estate or trust. Call Korshak & Associates, P.A., at 888-681-4389.