Do you have more than one child or grandchild that you need to consider in your estate planning? In order to avoid conflict, many parents and/or grandparents decide to leave their children the same inheritance. While this makes it easy it may not be equitable.
The pandemic has increased the number of wills being drafted and executed, this issue is coming up more frequently.
There are many examples of this situation we can refer to, in particular one in which a family with multiple children felt that their primary caregiver should inherit more than the children who did not live near them and did not participate in their care.
This often causes disagreement and contention between family members, while it is a difficult conversation to have it is one that should take place to avoid costly drama after the fact.
According to a survey by Merrill Lynch Wealth Management and the consultant Age Wave, “two-thirds of Americans 55 and older said a child who provided them care should get a bigger inheritance than children who did not.”
Different families approach these situations based on what their personal definition is of fair. Some families decide to divide things equally between their family members to avoid conflict, others based on “merit” or who they feel earned more in the long run.
Equal is not always fair and fair is not always equitable.
Call the Law Offices of Debra G. Simms at 386.256.4882 to learn more. We are currently offering free consultations via video conference to assist you with your needs.
This blog post is not case-specific and is provided only for educational purposes and is not intended to provide specific legal advice. Blog topics may or may not be updated and entries may be out-of-date at the time you view them.