There are a lot of different reasons why estate plans need to be gone over again, whether someone loses their spouse due to a health problem or they end their marriage with their spouse. Moreover, people may want to revisit their estate plans as a result of their child’s behavior. In fact, there are a lot of different reasons why a child’s behavior could affect someone’s estate plan, we will go over a few in this post.
For starters, someone who is struggling with a rebellious or child or a young adult who is going through a difficult phase may be worried that their behavior could become out of control if they are able to access inheritance. Other types of estate plans may be better suited for people in this position, and some may decide to remove a child from their estate plan altogether. For example, someone with a gambling problem or an addiction to drugs or alcohol may misuse funds from the estate plan.
Aside from irresponsibility and similar concerns, some parents choose to remove a child from their estate plan because the child has cut all ties with the family. For example, a parent may decide that an estranged child who wants nothing to do with his or her family may not belong in the estate plan, or they may decide to remove them as the executor.
These are just a few of the ways in which children can influence estate plans. We cover many other topics on our blog that have to do with revising an estate plan.