If you want to exclude someone from the will, is it best to leave them a dollar so they can’t challenge being excluded? Can you put in a provision that if they challenge the will, they lose everything?
In my experience, estate planning is one of the areas of personal finance with the most widespread confusion. Unfortunately, this can lead to costly mistakes in time, money and stress on people's families.
Before the original SECURE Act, IRA owners who died were able to leave their accounts to their children, grandkids, or other non-spouse individual beneficiaries, and heirs could stretch required minimum distributions (RMDs) over their own lifetimes, thus allowing the funds in the accounts to grow tax-free for decades.