If there are three children, an equal division obviously means that each will receive one-third of the remaining estate after both parents have died. Siblings do not always receive equal shares of parental property. Sometimes inequality is intentional and sometimes accidental. Regardless of how it happens, it can cause arguments among children.
However, there are some steps parents can take to promote family harmony. If you have more than one child, leaving equal shares may not always be the way to go and with estate planning in Allen, you can plan ahead. In fact, there are some very logical reasons to consider alternative distribution. Let's take a look at four examples of circumstances that could lead one to question whether the convention should be thrown out the window.
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. On the other hand, you may intend to leave a child a different part of your estate than that of your other children. Before we explain how to handle unequal inheritance, it will be important for you to understand what inheritance really is. 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.
While past contributions to beneficiaries or different valuations of specific assets may change the proportions of the distribution of wealth, many other factors can create an unequal but fair inheritance situation. If you ultimately decide that leaving unequal parts to your children fits your specific goals, consider a family meeting (or one-on-one conversations) to talk with your children about your decisions. In fact, a recent survey revealed that about 68% of parents would leave each of their children an equal share of their assets in their will. Instead of giving the beneficiary a greater share of their assets, they will usually establish a special needs trust to cover the costs of additional care.
This is especially true when the plan includes unequal actions, unique conditions or problematic family members. Read on to find out everything you need to know about unequal inheritance, the reasons behind it, and the best way to handle unequal inheritance. The note would show if the borrower paid the parent or how much is left of the loan, which could be deducted from the child's share of the estate. If you decide to leave an unequal inheritance for your children, one of the best ways to avoid hurting the feelings and resentment between your children is to have an open and honest conversation with them about why you made your decision.
A fair division of inheritance is when each beneficiary is left with an equal share of an estate in a will.