Estate Planning Blunders: Wills That Accidentally Disinherit Heirs
Have you ever heard the saying “better safe than sorry”? Well, when it comes to estate planning, this couldn’t be more true. Unfortunately, many people make the mistake of assuming they have everything taken care of with a simple will. However, in reality, wills can be full of unknown and unintentional blunders. One of the most common blunders in estate planning is accidentally disinheriting heirs. Let’s take a closer look at how this can happen and what you can do to prevent it.
Estate Planning Blunders: Wills That Accidentally Disinherit Heirs
Before we dive in, it’s important to understand what disinheriting an heir means. Essentially, it means that someone who was supposed to inherit part of your estate is now excluded from doing so. This can happen for a variety of reasons, but in this case, we will focus on the unintentional mistakes that can occur in wills.
The Danger of Generic Language
One of the main reasons wills accidentally disinherit heirs is due to generic language. Many people use generic terms or phrases in their will without realizing the potential consequences. For example, phrases like “all my children” or “my descendants” may seem like a simple and inclusive way to describe your heirs, but they can actually be problematic.
Why? Because these phrases don’t explicitly state the full extent of your family members. For example, if you have a child who was adopted but is not legally considered your “descendant,” then they could be excluded from your estate if you use that phrase in your will. The same goes for stepchildren or foster children.
The Impact of Changing Family Dynamics
Another common mistake that leads to accidental disinheritance is not regularly updating your will to reflect changing family dynamics. This could include marriages, divorces, births, deaths, or even estrangement from family members. If you do not update your will to reflect these changes, then you run the risk of disinheriting someone unintentionally.
For example, let’s say you have two children and you create a will that leaves your entire estate to them equally. However, years later, you have a falling out with one of your children and stop speaking to them. If you do not update your will, then that child could still stand to inherit a share of your estate, even though you no longer want them to.
Preventing Blunders in Estate Planning
The good news is, there are steps you can take to prevent these types of blunders in your estate planning.
Work With a Professional
The best way to ensure that your will is free of any blunders is to work with a professional. An experienced estate planning attorney can help you draft a will that is tailored to your specific situation and takes into account potential changes in the future. They can also assist you in regularly reviewing and updating your will as needed.
Be Specific
As mentioned earlier, generic language can be problematic. To avoid any confusion or unintentional exclusions, be specific in your will. Use specific names and relationships when referring to your heirs, and include any specific instructions or wishes you may have.
Regularly Review and Update
Life is constantly changing, and so are our family dynamics. It’s important to regularly review and update your will to ensure it accurately reflects your wishes. It’s recommended to review your will at least once every 3-5 years or whenever there is a significant change in your life.
Conclusion
Accidentally disinheriting heirs is a common blunder in estate planning, but it can be easily avoided with proper precautions. Working with a professional, being specific in your language, and regularly updating your will are key steps to ensuring your estate is distributed according to your wishes. Don’t wait until it’s too late, start planning now to avoid any potential blunders in the future.
