Giving A Beneficiary One Dollar Will Not Disinherit Them

A number of people believe that giving a particular beneficiary one dollar will, in essence, disinherit them from the assets that comprise your estate. But, there’s one problem with this belief: it is wrong.

By going over the problems with giving a beneficiary just one dollar, and speaking with a Florida estate planning lawyer at Millhorn Elder Law Planning Group you may have a much easier time developing a will that satisfies your wishes.

How Does Giving A Beneficiary One Dollar Actually Work? 

You can give a beneficiary one dollar by stating this wish in your will. And, by doing so, this beneficiary will receive no more than one dollar from the assets/estate that your will encompasses.

The idea behind this is that, by giving a beneficiary one dollar, they won’t be able to contest the will. Nor will they be able to argue that you meant to include them in your will and that not doing so was an error on your part.

Even though giving a beneficiary just one dollar is something that you can do, it cannot prevent your estate from being contested.

What Happens If You Give A Beneficiary One Dollar? 

If you give a particular beneficiary one dollar, this beneficiary becomes a part of your estate. And, by becoming a part of your estate, they have access to certain rights that affect your estate plan.

Just as an example, if this beneficiary would like to contest your will, they may be able to do so. On top of that, they may be able to request an accounting of your assets/finances, as well as notice of the proceedings surrounding your estate. This could let the beneficiary make it harder for your other beneficiaries to receive what you gave them.

If you give a beneficiary one dollar, they gain certain rights. But, if you disinherit them in the proper manner, they will have a much more difficult time interfering with your estate planning wishes.

How Should You Disinherit A Particular Beneficiary? 

To disinherit a particular beneficiary, you can off your will. This can prevent them from gaining access to the proceedings associated with your estate, which can reduce the likelihood of will contests, among other conflicts.

The above can work, but sometimes it doesn’t. If there is a beneficiary that you would like to disinherit, you may want to consult with a lawyer that specializes in estate planning.

A lawyer will go over the situation and figure out the best way for you to disinherit a particular beneficiary. Doing so will make it easier for your estate planning wishes to be honored, without that beneficiary contesting your estate. 

Speak With A Florida Estate Planning Lawyer Today 

If you would like to develop a will that satisfies Florida’s legal requirements, you may want to work with someone who can help.

Speak with a Florida estate planning lawyer today and we will do our best to help you develop a will that satisfies your estate planning wishes. 

Sources:

law.cornell.edu/wex/beneficiary

law.cornell.edu/wex/will