You may worry that there is no fair way to create your estate plan and still ensure that it includes everybody in equal measures. When it comes to equal measures, you may wonder: How can I keep everyone happy when it comes time to have my assets divided among many? Inheritance is one of the most difficult things to plan in many cases, with parents trying to include their children and spouses in ways that will not lead to conflict. But is it possible to completely avoid that conflict?
When Equal Amounts for Everyone Makes Sense
Let’s look at an example: You have 3 children and you want to ensure that each of your children gets the same amount so that there is no animosity. This means that, when things are split, each child involved will get one-third of the remaining estate. When each child is similarly situated in life and has the same needs, it is only rightful for a parent to consider this and leave them each with similar support in ways that will benefit them. This only depends on if each child involved is mentally and emotionally capable. Here’s an example: If your children have completed college, and no longer require any sort of assistance, or your children do not have any handicaps, then it makes sense to consider them equally so that each is supported in the same way.
Next becomes the most difficult part: determining the dollar value of your assets and considering where each child is at throughout the country. You may feel as if certain children don’t ‘deserve’ the same amount in assets, but since you are trying to keep things even and avoid a messy inheritance situation, you know that in the end, it helps to avoid conflict and instead focus on the emotional and financial aspects as a whole. You want your money to end up where it belongs.
When Different Amounts Make Sense
Sometimes leaving children the same amount does not make sense for your situation. Maybe one child is acting as your caretaker or is keeping up with your business when your health is failing and you want to leave the most to them as a reward for those caring actions. Maybe you have paid for the college of one child or bought them a car, while you didn’t do the same and now you want to make up for it by doing the same for the other in your inheritance. Perhaps one child is unable to care for themselves because they have health ailments that restrict them and you want to make sure that their care is paid for even after your death, so you leave enough to support them in many ways: such as living expenses, funds to pay for medical expenses, and more.
Though you want to reach total family harmony, we know that this is not always what happens when it comes to inheritance and leaving everything behind. We can help you get as close to possible with your goals. At the Leiva Law Firm, we can help you in your time of need as you work on building your estate from the ground up. Call us as soon as possible to get started at 818-703-1777.