Many Arizonans think of estate planning as a way to ensure that their loved ones will receive a fair share of estate assets upon their passing. While this is true in many instances, the beauty of estate planning is that it can be custom-tailored to fit one’s unique desires. Therefore, if an individual wishes to stray away from a typical estate plan, then he or she can do so.
For example, one need look no further than the case of Richard Harrison, also known as the “Old Man” on the reality TV show, “Pawn Stars.” The father of three recently passed away from complications related to Parkinson’s disease, leaving behind three adult children.
In his will, Harrison acknowledged all three children, but explicitly indicated that none of his property was to go to one of his sons. No reason was given for passing that son over, but doing so was well within Harrison’s right. And, not only did Harrison leave out his son, but he also disallowed any children from that son to receive any estate property.
There are a number of reasons why an individual may want to avoid leaving property to a family member, who would otherwise receive assets without such specification in a will. The relationship between the individuals may have soured, or the testator may believe that the potential heir would squander whatever was left to him or her. When it comes to estate planning though, the reason is immaterial.
Because estate planning is custom-tailored, those who are meticulous in their preparations can ensure that their assets are handled exactly as they want for years, even decades. Those who are interested in how to do this can sit down with an experienced estate planning attorney to develop a strategy that works for them.