Estate Planning Lawyer
A major part of your estate plan is focused on how you want your assets divided. If you have multiple children, you likely want to leave them inheritances. However, you might not want to give some children bigger inheritances than others. Here are a few common reasons for leaving unequal inheritances.
If one of your children is mentally or physically disabled, they likely have more needs than your other children. As such, you may feel more comfortable leaving your disabled child a larger inheritance. It may give them a safety net, so you will have a peace of mind knowing that your child will be taken care of.
If you were diagnosed with an illness and required extra help in your older years, one of your children may have served as your caregiver. Being a caregiver is a huge responsibility and can take up a lot of a person’s time. As such, you may want to reward your child with a bigger inheritance.
Children with Financial Problems
It is not uncommon to have children with different financial situations. Some children may be very financially stable while others may struggle to get by. You may feel obligated to give your less financially stable children larger inheritances. This way, you can feel relieved knowing that their financial situations will improve.
How to Inform Your Children That You’re Leaving Unequal Inheritances
If you plan on leaving your children unequal inheritances, you may feel nervous about telling them. You do not want to hurt anyone’s feelings or for there to be conflict. If you go about it the right way, you can avoid issues.
- Have an honest talk soon. When leaving equal inheritances, it is best to have a conversation with your children sooner than later. Speak to them individually about your decision and give them clear explanations. If your children understand why you made your decision, they may be less upset.
- Hire a mediator. You know your family dynamics. If you believe that the discussion with your children will turn into a heated argument, it may be a good idea to hire a professional mediator. He or she can help facilitate the conversation and minimize conflict.
If you need help with your estate plan, consult an estate planning lawyer, like one from Yee Law Group.