When it comes to leaving assets to beneficiaries, the process can be difficult for families if there are estranged children or strained family relations to be considered. For Michigan families, there are creative solutions for dealing with how to leave an inheritance to estranged children. While leaving that person out of the estate plan is always an option, there are times when that can make the process more complicated rather than simpler.
Families becomes estranged for all sorts of reasons, and this can leave parents at a loss over what to do about an inheritance. Some common reasons parents may not want to simply leave assets to adult children can include drug and alcohol issues. Some other reasons may pertain to bad relations with the spouse of an adult child or illegal lifestyles and habits.
If an adult child enveloped in these situations is cut out completely and permanently, they may retaliate by holding up the estate administration process by contesting the will. One way to quell this kind of scenario is to leave them a limited inheritance or also through the creation of a trust that contains stipulations for specific uses. A trust can give the parents control while helping to avoid unrest between siblings.
Each family has unique challenges and complications that may need to be maneuvered. Having an estate plan in place can ensure that inheritance issues are nipped in the bud and kept from becoming greater issues for those left behind. Any family in Michigan who may be dealing with an estranged beneficiary may want to explore the unique options for including that person in the plan.
Source: lakeconews.com, “Estate Planning: Dealing with estranged children”, Dennis Fordham, Sept. 6, 2014