Estate planning in Florida follows several critical steps to allocate your assets based on your intentions, minimizing legal complications among your loved ones. While planning for your family’s future, you may come across some details that push you to decide to exclude someone from your estate plan.
Reasons an estate plan may exclude someone
As the estate owner, you may exclude someone from an estate plan for various reasons. The reasons may be personal, financial or legal. Here are some common reasons:
- Personal reasons: Sometimes, personal relationships are strained, causing the exclusion of an estranged family member from the estate plan.
- Financial responsibility: If your potential heir displays irresponsible behavior and is someone you cannot trust to manage the estate well, you may choose to exclude them. Or you can appoint a trustee to help manage the estate.
- Previous provision: An estate planner may exclude someone from an estate plan if they already have significant financial support or gifts during their lifetime
- Blended families: Depending on family dynamics, an estate plan may benefit only the biological children.
- Tax considerations: Setting up an estate plan can be costly as it involves taxes, so excluding someone may involve a strategic decision to minimize cost.
- Legal reasons: A prenuptial agreement specifies that one individual cannot share assets.
- Charitable Endeavors: An estate holder may opt to give their estate to something they have been supporting all their lives. This may be one reason to exclude family members from an estate plan.
Setting up an estate plan can be complex and potentially cause disputes. Consult an estate planning lawyer who understands the process and will mediate to fulfill your intentions.