Most parents want to protect their children’s future, including providing for them after death. But without clear, updated estate planning, your children may receive far less than you intended — or even nothing at all.
Accidental disinheritance is surprisingly easy to cause, and it can happen even when your intentions are good. Understanding the risks and knowing what to avoid can help you safeguard your family’s financial future.
How does accidental disinheritance happen?
There are several common estate planning mistakes that can unintentionally leave your children out. Here are a few to watch for:
- Failing to update your will after remarriage: If you remarry and never revise your will, your current spouse may inherit everything by default. Children from a previous relationship could be left out entirely unless they are clearly named in the updated will or trust.
- Listing outdated beneficiaries on financial accounts: Beneficiary designations on retirement accounts, life insurance or payable-on-death bank accounts override your will. If you forget to update them after major life events, such as divorce or the birth of a new child, assets may pass to someone you no longer intend.
- Leaving everything to your spouse without legal protections: Many people assume their spouse will pass assets to the children later. But if your spouse remarries or changes their estate plan, your children could be excluded. Without a trust or other legal arrangement, there is no obligation for your spouse to preserve your original wishes.
- Not updating your plan after moving to a new state: Estate laws differ from state to state. A will that is valid in one location might not meet legal requirements in another. Moving without updating your plan can result in parts of your will being ignored or interpreted differently, putting your children’s inheritance at risk.
Creating and maintaining an estate plan that reflects your wishes is essential. Life changes, such as marriage, divorce or relocation, should prompt a review of your documents. With proper legal guidance, you can reduce the risk of accidental disinheritance and leave a lasting legacy for your children.