People have a range of reasons for wanting to disinherit a child. In some cases, it is because they want to encourage them to work hard to forge their own path. In others, it’s because they feel the child would use it to harm themselves, such as if they have a drug addiction. Other times it all comes down to a falling out. Whatever the reason, it is important to think carefully before proceeding with disinheriting a child. Here are a few things to consider.
It may not be the best option
Let’s say your child has a drug addiction. You cut them out of your estate plan because you don’t want them killing themselves with that money. What if they managed to get clean after you died? Would you still want them to inherit nothing? Would you have changed your mind if you had lived to see it?
A better idea might be to put money in a conditional trust so they can’t get it until they’ve been clean for a specified period. This could help incentivize them to get clean. Maybe some of that money could even be put aside to help pay for rehab.
Success can be an illusion
You might think your child does not need the money because they are so successful, but are you sure it is genuine? Are you sure it will last? Some kids can fake success to impress their parents. Others can achieve great success only to see it all taken away from them when their business fails or some other disaster hits.
Falling outs might be solved if addressed
Too many people only make up with someone they have become estranged from when one of them is on their deathbed. Knowing time is about to run out brings forgiveness and understanding in a way that might have been achieved years earlier if they had both tried hard enough. If you are on your deathbed, you may not have time to change your will to incorporate a child you left out but now want to include. Telling them now about your intention to leave them out of your will might provoke a conversation that helps you heal the rift.
Whatever you decide on, documenting it correctly in your estate plan increases the chances that your wishes are clear and will be upheld. Having experienced estate planning guidance can help.