When it comes to dividing your will among your children, everyone has the same obvious idea in mind- dividing it equally among each. On the other hand, dividing your will according to their financial circumstances sounds more reasonable.
So, it can be challenging to decide if you should divide your will equally or equitably. In some families, there is an estate plan for everyone. However, if you do not have one, a lawyer can help you. A lawyer can suggest to you the wise thing to do as per their expertise.
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Equal Inheritance: When is it right?
When you divide your will equally among your children, then it is called equal distribution of inheritance. That means if you have two kids, your inheritance will be divided 50-50, and if you have ten kids, each one will get 10%.
Equal inheritance is a suitable option when all your children are in the same financial condition. They have the same type of salaries or income, and they are emotionally capable of handling money maturely. Each person has received the same privileges from you, be it school, college, buying them things, etc.
If your children are at the same place and were treated equally by you in every aspect of their lives, dividing the inheritance equally is a valid option. If none of them needs financial assistance, it makes sense to divide it equally.
Equal inheritance may seem like the perfect and unproblematic solution, but it does not feel right in some cases. For example, sometimes families want to give one child their most expensive asset because of their contribution to the family. These kids are also referred to as the “family caregiver.”
In other cases, it can be because one of their children is in a lower financial position than others and needs financial help. On the other hand, giving part of your inheritance to the wealthy child with enough money does not make sense.
Parents may also want to favor a child more because of their disability or other medical condition. They may want to give their most expensive assets to that child, such as their house or business.
Why it’s essential to get a lawyer.
The debate about how you should divide your inheritance can go for a long time if you keep asking other people for suggestions. To avoid future disputes between your children, hiring a lawyer who can legally settle all arguments and give each child what they deserve is essential. To find a skilled lawyer for your situation, contact Weisinger Law Firm, PLLC.