All you need to know about children and their inheritance All you need to know about children and their inheritance

All you need to know about children and their inheritance

When someone passes away, there are some laws regarding their will and what each child deserves. It’s always best to be informed on this, whether you’re a beneficiary or a testator.

While most state laws don’t allow children to automatically claim any inheritance from a deceased parent. However, there are laws intended to avoid accidental disinheritances. In this case, a person could’ve forgotten to update their will after the child’s birth, which would show it wasn’t planned to leave the kid out.

Another law that protects family members of the deceased is one that restricts possible beneficiaries from getting the person’s property. This is Florida’s case, where the spouse or children who live in the testator’s house need to receive the property after the head of the family passes away. This prevents them from being thrown out of their own house.

When leaving money or assets to children, it’s important to think whether they’ll be able to responsibly manage them. If the testator’s unsure of the child’s abilities or money management skills, there are ways to leave them money and still make sure they won’t go on a spending spree right after getting the money.

A trustee is a person who’s made responsible for distributing the money to the children. They can do this as they see fit if that’s what’s stipulated on the will, or they may have some specific instructions. After the trustee’s established, the testator can say how long the money needs to remain in the trust, how ofter the trustee will have to pay the beneficiaries, and how much money will have to be given in each payment.

Usually, a trustee is someone close to the deceased, who’s trustworthy and competent. They’ll receive a big responsibility, especially if they’re given the liberty to distribute the money at their own discretion.

One last scenario that can also take place is disinheriting children. It’s pretty extreme, but can be done as long as it’s clearly expressed on the testator’s state. There’s not even a needed explanation; it’s simply necessary that beneficiaries know it wasn’t a mistake or something that slipped the testator’s mind.

Did you know that dogs can inherit money too?

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