Disinheritance

by M-Gillies

Always remember to update your will in order to avoid accidental disinheritances.

There are many cases in which a person died without first drafting a will. When this happens, the assets are split among the heirs according to the laws of the state. Sometimes, assets are not given to the person intended, and while drafting a will allows you to decide who will receive which property, the flip side is that you can also determine who will not receive any property.

When a will excludes someone who otherwise would have received a share of your assets, the term is given as disinheritance, and while it can be done purposefully, it can also happen accidentally.

Generally, a spouse cannot be disinherited completely, however, children can, provided the will clearly states that the child be excluded. In some cases, an accidental disinheritance could happen if, for example, a will specifies that a son would inherit all the assets but wasn’t updated to include a recently born daughter. If the son dies and then the parent before they could include a beneficiary, the daughter has been accidentally disinherited.

Another example could arise if a brother and sister both receive an inheritance, where the brother gains a business and the sister the bank accounts. If the business was sold before the will was updated, the money of the sale would have passed to the sister through the bank accounts, accidentally disinherited from the will.

Read more:

http://www.grandparents.com/gp/content/expert-advice/finance/article/disinheritance.html

http://www.inc.com/articles/1999/10/14707.html

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