When creating their estate plans, the overwhelming majority of parents want to distribute their assets equally between all of their children. However, many parents have good reason not to do that. For those parents, leaving unequal inheritances in a way that does not cause siblings to fight is a major concern.
For most people, the idea that parents would want to leave more of an estate to one child than another conjures up the idea that the parents do not love one child as much as the other. Estate planning attorneys, however, know that is rarely the case.
There are many valid reasons why parents would leave more to one child than another.
In some cases, the parents have given one child more money already to help the child out when needed. In other cases, one of the children has special needs and needs more money to take care of himself or herself. Another common reason is that one child might have a serious drug addiction and access to more money could just make the addiction worse.
In all of these cases, the problem parents have is how to leave unequal inheritances without destroying any familial bonds between the children.
Financial Planning, in an article titled “Family Drama: ‘But She Got More!’” provides pointers parents should consider to minimize the chances of squabbling children.
One of their best suggestions is to use a trust instead of a will.
Because trusts are private documents that do not have to go through probate, it is much more difficult to challenge them. That makes it difficult for any siblings with hurt feelings to use the court system to fight it out in public.
Please contact our office today at 239-225-7911 to schedule an appointment with Barbara M. Pizzolato if you are interested in protecting your legacy and need to create or update your estate plan. You may also wish to attend one of our free seminars.
Reference: Financial Planning (October 27, 2014) “Family Drama: ‘But She GotMore!‘”