Sometimes, when you have multiple children, one of those children will manage to create his or her own independent wealth while the other children will not be so fortunate. This can create problems for planning your estate because you have to decide whether or not to give the wealthy child the same amount of inheritance as you give the less well-off children.
This is not an easy decision to make and it boils down to what you and your family consider to be fair. For some people fair means that everyone gets the same thing. For other people, it means that you use your estate plan to give more to those children who need it more. It is a personal decision that only you can really decide for yourself.
Many people who think that fair is giving more to those who need it more choose to leave nothing to a very well-off child. They, in effect, disinherit the well-off child. However, doing this is not as simple as merely not mentioning the wealthy child in a Will. In fact, if a parent does not mention a child at all, the law assumes a mistake was made. That child will be entitled to a portion of the estate. The child and the disinheritance need to be mentioned specifically.
If you have questions about disinheriting a wealthy child and whether it might be right for you, talk to an estate planning attorney for advice.
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