Some disputes end up in court, especially if an adult child suspects. But unequal inheritances can trigger sibling fights after the death of one parent. Some disputes end up in court, especially if an adult child suspects that one parent was the target of what lawyers consider an “undue influence” from the brother or sister who benefited the most. Before explaining how to handle unequal inheritance, it will be important for you to understand what inheritance really is.
An inheritance is any asset that you leave to a specific person within your will. These assets can include anything from cars to jewelry, clothing, money, 401k accounts and more. When an inheritance is unequal, this means that the value of the assets left to each individual does not equal the same amount for each person. 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. For disinheritance to be allowed in a will, there must be a reason for disinheritance that is valid, rational and consistent with modern Canadian values.
It is common for parents to want to leave their child, who was their primary caregiver in his later years, a larger sum of inheritance in their will to reimburse them for all their help. The problem is that the value of such assets can fluctuate over time, so unless that value is reassessed on a regular basis, the final inheritance can end up being extremely unequal in favor of one of the siblings. Perhaps the uneven distribution you have chosen will provide the best tax advantages or greater asset protection. If you think a conflict may arise when talking about unequal inheritance between your children, you can choose to hire a mediator who is a professional who can help your children overcome their frustrations with their decision and who is a sounding board during the conversation.
For example, your parents may have executed other wills in the past that consistently gave an equal inheritance to all their children. As estate planning lawyers point out, there is a difference between leaving an equal inheritance, where each child receives the same amount, and an equitable inheritance, where each child receives what is fair, given their circumstances. When a child receives a smaller inheritance than his or her siblings, he or she may feel that you don't love him as much as your other children. 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 can cause some short-term stress, it can save a relationship later on knowing that both parties believe they inherited what they deserved. 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. 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. 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.
This is because once the inheritance has been resorted to, it becomes much more difficult to redistribute it. There are a variety of factors that influence a person's treatment of children differently when distributing their inheritance. .