Every parent with more than one child knows that not all kids are created equal…And when it comes to estate planning, it's time to think hard about what each child needs and what you've done for each one already.
It’s never easy to make sure your children are equally supported. After all, they have different interests and gifts. Unfortunately, this task is no easier with adult children, especially when it comes to your estate planning.
This subject was taken up by Business Insider in a recent article titled “Not Every Good Estate Plan Treats Its Heirs Equally.”
Sometimes you can divide everything equally and everyone is happy. However, sometimes the “even-Steven” approach may not be the best approach in every situation. For example, the recipients may have very different needs, some may be more deserving than others, or the estate assets may not be subject to easy division.
Have you ever marveled at how children who grew up under the same roof and eating at the same table can be so different? It can be as simple as the differences between two individuals: one adult child is wealthy while the other is a starving artist; one child is disabled or otherwise needs medical aid while the other is as healthy as a horse.
Then, there are the other kinds of inequities. For example, one child has received financial help from you over the years while the other toughed it out. The list of differences can go on and on, but it’s worth a look at the selection pulled together in the original article before taking a good look at your own plans and family dynamics.
In so many words, life is complicated, and family can be complicated with it. When it comes to planning for your estate, there are bound to be any number of conditions you need to mull over. As a result, you might need to proportion and tailor the inheritances responsibly. When you do, be sure to engage competent legal counsel to guide you.Please visit our website for information on elder law and estate planning issues, and sign up for our free monthly e-newsletter. The archive on our website contains numerous blog posts on these legal areas as well.
Reference: Business Insider (October 26, 2012) “Not Every Good Estate Plan Treats Its Heirs Equally”