You’ve probably heard plenty of advice that you need to distribute your assets in your estate in a streamlined manner using estate planning documents. This is a basic tenet of the concept of estate planning and can be very beneficial for ensuring that your loved ones have an easier time receiving your assets in the future. However, you might have questions about when not to include someone in your estate.
Many people are surprised to learn that disinheriting a beneficiary or excluding them from receiving assets inside your estate is more common than you anticipate. It may be as a result of a beneficiary’s lifestyle choices, such as concerns over them being a spendthrift or a current addiction.
Furthermore, you might have a family member who is disabled and cannot receive assets directly without compromising their government benefits. When it comes to disinheriting, it is a best practice to explain either in a separate letter or in your core estate planning documents the reasons behind your decision. This can help to minimize the possibility of conflict or confusion in the future.
Hard feelings among family members can turn into legal conflicts and arguments that your estate is invalid. This can decrease the overall value of your estate and lead to in fighting among family members.
It is always best avoided where possible. For more information about the process of establishing estate planning documents that transfer assets to some and disinherit other beneficiaries, you’ll want the support of a Virginia Beach, VA estate planning lawyer.