If you decide to leave an unequal inheritance for your children, one of the best ways to avoid hurting feelings and resentment between your children is to have an open and honest conversation with them about why you made your decision. If you find yourself in this situation, talk to your bank, talk to your banker, and see what the best thing you can do. Talk to your financial advisor and talk to your estate planning lawyer so that when you die, Joey doesn't decide to take all that money, which is legally all he is. And take a vacation, pay off his debt or give it to his girlfriend, who knows what Joey wants to do.
But it doesn't matter because you gave him 100% of that money to the detriment of your other two sons. While it may be tempting to allow things to “calm down” after an inheritance reading, the odds are in your favor if you act quickly. Just as an unequal inheritance can create stress for a parent when drafting his will, it most often creates tension between siblings after the father's death. Once they know that you have good reason to divide your property unevenly, they can understand that their inheritance is a measure of good estate planning and not a comparison of your love for them.
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If you are the subject of an unequal inheritance and suspect that this was the case, you have the right to challenge the validity of your parents' will on the grounds of “undue influence”. While it should be a time when you can lean on those closest to you, an unequal inheritance between siblings can cause family distress for an already painful time. If you fear that your children will not understand or accept your unequal inheritance in your will, there are ways to distribute the property outside of your will. No matter what parents' reasoning for leaving uneven legacies, experts advise them to understand how such a decision can harm the people who matter most to them.
Estate planners suggest that when parents create unequal inheritances, they should have a conversation with each child to explain their reasoning. If they understand that an unequal division is what makes their inheritance fair because of the gifts you have already given them during life, then their inheritance will meet their expectations and will not be a surprise. Here are several situations where a financial planner can help you resolve if you are considering an unequal distribution of your wealth among your children. An unequal inheritance between siblings can lead to a roller coaster of emotions, a lengthy judicial process and family tension.
But despite the parents' best intentions, unequal inheritances often lead to bitterness, resentment, and even litigation between siblings who think they were looked down upon in their parents' will. Perhaps the uneven distribution you have chosen will provide the best tax advantages or greater asset protection. .
