Do You Have To Leave An Inheritance For Your Children?

Most parents want to provide for their children after they pass away, but there is no law that says you must leave all your assets to your children in your will. If you would rather leave your estate to a charity, you don't trust certain children to handle money well, or you want to disinherit a child due to a falling out in the family, an estate administration attorney can help you structure your will to achieve your goals.

Establish a Trust

Perhaps one or more of your children is battling an addiction or would otherwise be untrustworthy with a large sum of money. If you're reluctant to include them in your will, one way to still provide for them without bestowing a large inheritance is to make them the beneficiary of a trust. Estate law allows you to tie their inheritance to accomplishing certain milestones, such as completing a college degree or holding a steady job. Alternatively, you can name a trustee to distribute funds as they see fit, With this, a responsible family member or legal professional will control the inheritance and only make the money available a little at a time. Leaving your children assets in the form of a trust will help ensure that they are still taken care of if you're worried about their ability to manage money after you pass away.

Disinherit a Child

If you simply want to leave a child out of your will and ensure that they don't get any of your wealth for whatever personal reasons, this is perfectly legal, but you'll want a lawyer's help to craft an airtight will. For example, if your child was included in a previous version of your will before you disinherited them, that gives them legal grounds to challenge your will and fight for a share of your assets. A lawyer can help ensure that your estate plan will stand up to any legal challenges during probate so that your wishes are fulfilled. A lawyer may also help you prepare your child to be disinherited; if you carefully explain your reasoning by leaving a letter with your will, your child may be less likely to challenge your decision.

There are many reasons why parents don't want to leave all of their wealth to their children when they pass away. If you have reservations about your children inheriting a significant amount of money all at once upon your death, an estate planning attorney can help you determine goals for your estate and set up the legal tools to pass on assets according to your wishes.

About Me

Tips for Living a Healthy Financial Life

Have you ever felt like you were running in circles? After filing for my second bankruptcy, I felt that way. It seemed like I was stuck and could not figure out how to get on the right road to financial health. As I stood outside of the courtroom after my debts were discharged, I decided that I would never again be in that position. I started researching online and found that so many others were in the same predicament. I knew then that I not only had to help myself, but also others. I created this site to help others get out of debt and stay that way.



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