If you fail to create an estate plan, Texas law may dictate that a portion of your assets go to your children. However, there is no statutory requirement to include a son or daughter in a will. Let’s take a look at what you should know if you don’t plan on providing your children with an inheritance.
Honesty is typically the best policy
As a general rule, it is in your best interest to communicate your wishes as early as possible. This may help to soothe any hard feelings that your children may have after learning that they won’t be receiving an inheritance. In most cases, they will understand if you want to leave the money to a charity or simply spend it while you’re still alive.
You can always change your mind
Let’s say that you aren’t going to leave anything for your children because they all have a net worth of $1 million or more. In such a scenario, you may not feel as if they need money or other assets to maintain a comfortable lifestyle. However, there is a chance that a medical expense, a divorce or some other event could significantly change their financial situation. Fortunately, you can change the terms of a will to leave money, a home or other resources that they might need to overcome their new realities.
If you have questions about how to craft a valid will, an estate planning attorney may be able to answer them. An attorney may also assist in the process of reviewing or changing a will, trust or any other existing plan documents. Reviewing an estate plan may help to ensure that it both meets your needs and conforms to state law.