There is a lot to consider when writing or updating your will. Does one of your kids want the house more than money? Do you insist everything is sold and the money split equally? If one child already has much more money than another, then should their inheritance still be equal? We understand that you have unique situations to consider. Is it possible for you not to leave money to 1 of your children?
In short, yes, it is possible. But you’ll want to choose the best option for your goal.
As parents, we worry about all our children. That worry may carry over into the writing of your will. You may not want to leave an inheritance to one of your kids if you fear they will waste the money on drugs or gambling, make poor decisions or be manipulated by a spouse. Whatever your reason, there are ways to ensure you don’t leave money to one of your children.
It is completely your choice to keep your adult child out of your will and not leave them any assets or money. But you may want to leave a letter with the will stating your decision. You don’t have to explain why, but telling the courts that you did not want them to inherit anything will help stop the will from being challenged – causing your other kids time and money.
There is nothing that says you must leave each child the same amount. You can leave one child significantly less money than the other kids. This lets the courts know that you did not accidentally overlook one child. Another reason some parents leave less money to one child and more to another is the first child may have enough money while the other is still struggling.
Choosing a trustee will be your next big decision. This person must make monetary decisions that will follow your wishes. There are several types of incentive trusts that you can establish as a means to encourage responsible behavior.
An Illinois estate planning lawyer can help you write a will that will leave follow your wishes and pass your inheritance as you decide. To talk to a qualified attorney in the Chicago area, contact the Estate & Probate Legal Group at 630-864-5835.
AREAS WE SERVE: DuPage, Kane, Lake and Will counties.