There are various reasons why people make changes to their estate plans, from major financial events in their lives to the loss of someone they love. However, people involve family members in their estate plans in different ways, whether a loved one is designated as the executor or assets are divided among multiple family members. Sometimes, it is necessary to revise an estate plan as a result of a particular family member’s behavior.
This post will touch on some of the reasons why people make changes to their estate plans because of concerning behavior in the family. Make sure you go over your estate plan carefully if you decide that revisions are necessary.
Behavior that necessitates estate plan revision
There are different ways in which a loved one can act out and cause someone to change their will or trust. For example, if someone has placed a spouse or child in charge of their estate plan, they sometimes decide that this person is not capable of handling these crucial responsibilities as a result of poor behavior. For example, those who develop mental challenges or show that they treat other family members very poorly are not always capable of handling the distribution of an estate fairly and properly. Sometimes, people decide to remove loved ones as beneficiaries (or change the way in which assets are passed down) because of concerning behavior such as a drug or alcohol addiction, excessive gambling, etc.
Carefully moving forward
If estate plan changes are necessary, make sure you move forward cautiously. Consider the various ways in which your revisions will likely affect the family and make sure that you have a comprehensive understanding of your options.