As you create your estate plan, you will be forced to make decisions about how to distribute your assets after your death. Many individuals have trouble deciding how to do this. It can be especially difficult trying to decide if you want to leave unequal shares to your children. Take a look at the information below to help make this important decision. If you have any questions about choosing how to divide your assets when creating your estate plan, meet with an estate planning attorney.
If you’re thinking about leaving unequal inheritances to your children, there are steps that you can take to make sure that you don’t leave the impression that one child is favored over another. Here is an example of how you may choose to handle the situation:
Susan and Bill have two daughters named Kim and Tara. Kim has always been independent and has gone out of her way to make sure that she’s capable of handling her finances. She has paid her way through college with loans and has worked hard to purchase her own home. Tara on the other hand, has received a lot of assistance from Susan and Bill. Her parents have helped her with some of her college expenses and have helped with her home’s down payment. When creating their estate plan, Susan and Bill decide to leave more assets to Kim, since she has received little assistance in the past. In order to avoid conflict between Kim and Tara, they decide to carefully spell out their decisions regarding the matter in their estate plan.
This is just one example of how you may choose to avoid conflict when creating an estate plan with unequal inheritances. Know that you have the final decision on how you choose to distribute your assets. You can take care and carefully plan out your choice so that you can avoid as much conflict as possible.
It is perfectly acceptable to leave unequal shares in your estate plan. If you have any questions about how to make sure that your loved ones will not be hurt by your estate plan decisions, consult with a qualified estate planning attorney.
John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.
John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
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