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Common Causes of Accidental Disinheritance
An increasingly common problem with wills involves accidental disinheritance. This is when you intended to leave property to an heir, but your heir does not receive anything. There are several common causes of accidental disinheritance.
One of the biggest causes of an accidental disinheritance is also one of the simplest ones: failing to update your will after a major change in your life or your family. If you then die before making the change, your property will be allocated under the old will. A general rule is to always update your will after a marriage, divorce, birth of a child, or death in the family.
Another common cause of an accidental disinheritance is something known as “stepparent succession.” Most people plan on simply leaving everything to their spouse. However, what if you had children, got divorced, and then remarried? After your death your new spouse will get your property, which generally is not a problem. However, after your new spouse’s death, where will your money go? Often, it will pass to your spouse’s heirs, and your children will not receive anything.
A third problem involves survivorship options. Many things that we tie up our money and assets in, such as 401k accounts, IRAs, and home mortgages, have survivorship options where we designate who our beneficiary is. Wills do not influence these designations. So, if your will indicates that all of your money is to go to your son, but all of your money is tied up in an IRA account and the beneficiary is your daughter, your son will be left out upon your death.
It is always a good idea to consult with an estate planning lawyer regarding your will. An experienced attorney can review everything and make sure that you are not accidentally disinheriting anyone. A little expense now can save your family untold distress down the road.
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