People make changes to their estate plans for a host of reasons, such as divorce and a death in the family. However, some decide to modify their estate plan as a result of a beneficiary’s behavior. There are many ways in which a beneficiary’s behavior can prompt their family member to make changes and different ways in which estate plans are revised. For example, some people decide to change how their assets are distributed because of concerns that arise regarding beneficiaries.
Addiction and other challenges
Sometimes, worrisome habits and activities cause people to rethink how they want to distribute their estate. For example, if a beneficiary has a gambling problem, many people worry that their inheritance will evaporate. Or, if a loved one struggles with an addiction to drugs or alcohol, people often worry that the assets from their estate will enable their family member’s addiction. Aside from these issues, some people simply have a change of heart as a result of the way in which a beneficiary behaves. For example, it is not uncommon for people to change how their assets are split up among loved ones when someone becomes estranged from the family or causes a major fight.
Addressing your concerns
These are just a few reasons why many people modify their estate plans to change how assets are split up among loved ones. Spend more time on our law firm’s blog if you would like to read other topics related to estate planning and make sure that you address any of your concerns promptly. Moreover, think carefully about how your estate plan will impact beneficiaries.