Once your estate plan is set up and you have determined your heirs, it is not enough to assume it is done and forget about it. The truth is that you may have to change your will several times before it is used. One of these situations comes when parents in Indiana consistently have trouble with one child who stands to inherit money or assets in the will. Some decide to disinherit their child and remove them from the will, but there are serious things to consider before this decision is made, according to the balance.
First, remember that money or an inheritance is not a way to control behavior. For example, you may have a child who is gambling or spending excessive amounts of money on drugs and alcohol. Your concern could be that they will take the inheritance and use it on things that harm them. Removing them from your estate plan is not likely to permanently change behavior. Your child may improve their lives for a period, but they are likely to go right back to harmful behaviors once they have your money.
Second, consider giving another person power of appointment over your child’s inheritance. Rather than completely removing them from the will, you can appoint someone you trust to manage their money and determine if they should have their inheritance restored after you are gone.
Finally, you should always make your intentions clear when it comes to disinheriting a child. If you do ultimately make the decision that it is the right thing to do, do not just leave their name out of the will. Specifically inform your attorney and document the information so there are no grounds for a will contest.
This information is intended for educational purposes and should not be interpreted as legal advice.
