Estate Settlement Attorney
One of the most crucial aspects of drafting a will is naming beneficiaries. A beneficiary refers to a person who receives money or other assets from your will and can be a spouse, child, sibling, friend or other relative. If you do not include beneficiaries in your will, the state will determine who receives your property after you are gone. As explained by a top-rated Knoxville estate settlement attorney from Carpenter & Lewis PLLC There may come a time when you want to remove a beneficiary from your will for one reason or another. Here are some things to consider if you do take someone out of your will.
You May Need Remove Outdated Beneficiaries
As life goes on, your relationships with people may change. Some of these people may be your beneficiaries. For example, if you get divorced from your spouse, you will want to remove him or her as your beneficiary and give your property to someone else. Likewise, if a beneficiary dies before you, it only makes sense to remove the person from your will.
Feelings Could Get Hurt
Even if you have a perfectly good reason for removing someone from your will, that person’s feelings may still get hurt. That is something that you have to consider before you remove someone from your will. One thing you can do is write down why you are removing the person from your will. If the person at least understands your reasoning, he or she may feel less hurt.
Removed Beneficiaries May Contest the Will
If you remove someone from your will, you have to be prepared for the possibility of your will being contested. Although you will be gone, your other beneficiaries will have to deal with it. This can cause them a lot of stress and money. When the will is contested in court, it can prolong the probate process. That is why you must be very clear in the language you use when disinheriting someone from your will. A Knoxville, TN estate settlement attorney can assist you with that.
Alternatives to Disinheritance
Sometimes it might not be the best option to completely disinherit someone. Fortunately, there are alternatives. For example, if you think your children will be irresponsible with money, you should think about creating a trust. It can allow you to distribute money over a certain period of time rather than all at once. You can also place certain conditions on gifts. For instance, you could state that you want your child to graduate from college before he or she receives an inheritance.
Consulting an Attorney
If you are considering removing a beneficiary from your will, you should speak with an estate settlement attorney as soon as possible. You want to make sure that you go through the proper legal channels of removing the beneficiary. This can help prevent issues in the future. An experienced attorney can assist you with this and answer all of your questions and concerns.
Schedule a meeting with an estate settlement attorney today.