Four Subjects to Keep in mind About Black Sheeps and Property Planning – New York Property Planning Lawyer Weblog – Jan 2, 2021
Countless families have members who are black sheep. These people can ultimately influence how the family passes on assets. Regardless of the situation, it is important to evaluate and reflect on your beneficiary’s situation while planning an estate. So this article covers some important aspects of estate planning when you have a black sheep in your family.
# 1 – You don’t have to split your wealth equally
Disinheritance of a beneficiary is a more routine occurrence than many people think. There are several reasons you might choose to disinherit a beneficiary who has little to nothing to do with the beneficiary’s lifestyle. Parents might decide to leave more wealth to a particularly finished child. In other cases, parents may have helped a home while their parents were alive and now want to make sure that the same amount of property is passed over to each child. Regardless of your reasons for disinheriting a beneficiary, it is a good idea to either state your intention to divide assets unequally in a separate document in your estate documents.
# 2 – You can change your mind after disinheriting someone
You should regularly review the terms of your estate plan. The situation can change, and sometimes in a positive direction, in relation to the relationship with the black sheep of a family. You can revise your estate documents to help incentivize someone even after they have been disinherited. For this reason, you should not approach estate plans with a feeling that they are set in stone or cannot be changed later.
# 3 – You can plan for things that happen after you die
While you don’t have direct control over things, you can take certain precautions to incentivize certain behaviors. Some examples include creating trusts for beneficiaries that can be used to distribute a certain amount of assets after certain milestones are met. Estate planning methods like these can help have some sway in the future even after your death or incapacity for work.
# 4 – Trusts can serve a variety of purposes
Something familiar Allow someone to designate someone who can help a beneficiary manage their inheritance. You may want to avoid burdening someone with trustee responsibilities and appoint a professional trustee instead. While there are various costs associated with maintaining the services of a professional trustee, it is often a small cost to know that your loved ones, including potentially Black Sheep family members, are getting the inheritance they deserve.
Consult a knowledgeable estate planning attorney
Even if you have an understanding of the various challenges inherent in estate planning, remember that no one wants to face the fact that he or she is going to ultimately die. Instead of avoiding the challenge of estate planning, it is a good idea to discuss your options with your estate planning attorney. Contact Law firm Ettinger today to schedule a free case assessment.