In many ways estate planning is a delicate subject, and this is one of the reasons why so many people go through life without an estate plan.
Though it is true that some difficult decisions must be made, the sooner you make them the better because everyone does pass away and you need to plan ahead for this inevitability.
Exactly how you’re going to split up your financial resources will be something that you have to decide upon. The first thought may be to give all of your children equal slices of the pie as it were.
But what if you have one child who is extraordinarily successful in his or her own right while you have another that has some significant financial need? Would it be wrong to give more to one child than you do to another?
This is a question that only you can answer, but if you do decide to give unequal inheritances you may want to communicate your decision with all interested parties. There can be some severe hurt feelings and infighting among family members if unequal inheritances have been distributed if you never had any conversations with the people involved beforehand.
And beyond simple hurt feelings there is also the possibility of litigation. If a child or other family member felt as though you would never have wanted to give out unequal bequests this individual may challenge the will assuming that something must be amiss.
If you take the time to carefully explain your reasoning there will be no surprises or hard feelings among family members after your passing.
- 2023 Caring.com Survey Reveals Widespread Estate Planning Unpreparedness - May 18, 2023
- Secrets and Intrigue: A Look at Five Unusual Trusts - May 2, 2023
- Are Living Trust Distributions Taxable? - April 13, 2023