For many, familial relationships are some of the most complex. As such, you may find that you and your child no longer speak for a number of reasons. If this is the case, you may decide to remove them from your estate plan. When you want to disinherit a child, it’s imperative to consider the different factors surrounding this situation. The following blog explores what you should know about these circumstances. You’ll also discover why enlisting the assistance of a Medina, Ohio estate planning lawyer is crucial.
Why Do People Disinherit Children?
Though it may seem surprising, there are a number of reasons parents choose to disinherit children.
One reason is because their child has special needs and leaving them a large sum of money would render them eligible for government assistance. As such, they choose to leave their child out of their Will to protect them and ensure they can still receive the support they need.
Another reason a parent may decide to disinherit their child is because they have an addiction issue. Parents fear leaving their children a large sum of money will only enable and support their issues. As such, they do not leave their child anything to prevent furthering their addiction.
Finally, a parent may write a child out of a Will because they are entirely estranged. Though unfortunate, a child may disagree with their parents on many issues, leading one party to cut contact. As such, a parent may not recognize this relationship, thus deciding not to leave their child anything.
Are There Alternative Options?
In some instances, completely disinheriting your child may not be what you want, but it seems like the most reasonable choice. However, there are alternate options you can use.
If your child has special needs, you can create a Special Needs Trust to help support them without disqualifying them from government assistance programs. These Trusts hold an unlimited amount of funds that the Trustee can release as necessary.
Similarly, creating a Trust Fund for a child with addiction may give you peace of mind that they have emergency money without supplementing their addiction. This allows them to access funds in case of emergencies like medical expenses or other situations that arise.
I’ve Made My Decision. How Do I Disinherit My Child?
If you’ve decided to disinherit your child, ensuring you take the necessary steps is crucial to ensuring your wishes are met. Generally, you’ll need to explicitly name your child in the Will and state they are not to receive anything from your estate. Unfortunately, many leave a symbolic $1 in their Will to a child, but this makes them a beneficiary with certain rights to impact the distribution of your estate.
When you make this choice, it’s in your best interest to ensure you enlist the assistance of an experienced estate planning attorney to help you through this process, especially if you need to remove your child from your Will. Luckily, the dedicated team at Krause Law can help you navigate these complex issues. Reach out today to schedule a free consultation to learn how we can be of assistance to you.
