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Some people in Colorado believe that disinheriting their children is cold and callous. But, there are legitimate reasons why a person may decide to do so. According to CNBC.com, some parents disinherit their kids because there are estrangement issues, they may not have a good relationship with them or their children are already financially well off.
Regardless of their reasons, parents should take a few things into consideration before disinheriting their children.
Sometimes people accidentally disown their kids because they forget to name them individually in their wills. Others do not name their kids because it is their intent not to give them an inheritance. When adult children are not named in wills and trusts, they may see those omissions as mistakes and file disputes so they can receive what they think they deserve. Testators can prevent conflict and unnecessary disputesby including a statement that says they intentionally are disinheriting the name of their child and that they consider the named person to have predeceased them,” states TheBalance.com.
Some people who do not get along with their adult children may try to use the threat of inheritance as a way to control and manipulate them. If there is concern that a beneficiary will squander away their inheritance on illicit substances and lifestyle activities, it is a good idea to create a living trust and include specific instructions that serve to motivate and encourage the beneficiary to make the right decisions. There are stipulations about the type of instructions and actions a living trust can include. Testators should make themselves aware of them to prevent confusion and complications when they die.
Making the decision to disinherit a child is never easy and not one that should be made lightly. Careful consideration of the situation is necessary to ensure that the testator’s intentions are upheld to avoid unnecessary tension, confusion and disputes.