Deciding who will inherit yourestate and how much they will inherit is a tough decision that takes a lot ofthought and consideration. So imagine how hard it can be to elect to disinherit an heir.
How is â€œdisinheritanceâ€difficult? What should you consider before disinheriting a family member? Thissubject was the focus of a recent article in Bloomberg titled â€œYou Want to Cut Your Kid Out of Your Will.Or Do You?â€
For starters, there are somevery good reasons to support a total disinheritance. Petty differences oroutright malice aside, you may choose to disinherit heirs who are well off intheir own right. Consequently, more of the inheritance can be left to thoseheirs who are less well off.
More commonly, however, adisinheritance is used due to parental displeasure or lack of familial contact.Before you decide to disinherit, be sure you will not have a change of heartlater. If you do, then you may not have the legal â€œcapacityâ€ to make such achange to your estate plans.
Beyond your own decisions arethe consequences to each of your heirs. Will it change relationships betweenthose who inherited and those who did not? It is important to evaluate thecause and effect of your decisions on all concerned.
For more information on this and otherestate planning subjects, contact IdahoEstate Planning and schedule aconsultation. Remember,good planning is no accident.