Creating an estate plan has many challenges. You may have loved ones who expect a specific item or portion of your assets when you pass away, even if you were not close to them.
Regardless of how much you have in property and other assets, you may want to exclude people from your estate plan. In some cases, there is a falling out; in other cases, you simply prefer your assets go to someone else.
Here’s what you should know about excluding someone from your estate plan.
Sometimes it helps to be honest
Often, the closer a friend or family member feels to you (even if you do not feel close to them), the more likely they are to expect something from your estate. Although it is a conversation you can avoid while alive, your other loved ones may face challenges upon your death.
If a friend or family member feels there was an undue influence when you decided on the distribution of your assets, they could challenge your estate plan, creating difficulty for other surviving loved ones.
When someone thinks they are entitled to certain assets, it may be wise to have an honest conversation with them so that they know what to expect.
No need for guilt
Depending on the relationship, you may feel guilty that you need (or want) to exclude certain people from your estate plan. It is essential to keep in mind that your assets are yours to distribute, regardless of any entitlement someone may feel.
When you create your estate plan, it is your opportunity to pass on your legacy and assets to your friends and family, who will appreciate them.