If a person has property or even some money they may want to divide it evenly to their children when they pass. This way they cannot be accused of having a favorite. If one child is well-off and the other is struggling is it okay to leave them more money and how to do this without hurting any feelings.
While many do want to be fair they should communicate with family members about the amount each person is going to get and the reason behind it. While one child is better off financially and may not need the money they may have hurt feelings if they do not get an equal share. An inheritance is more than just money. There is a lot of emotions behind the inheritance and which person gets what.
Emotional Aspects of an Inheritance
People have a perceived impression of an inheritance. They think that if a sibling gets a smaller amount they are not approved of or the other sibling is the favorite. This can lead to years of hurt feelings. When dividing things unevenly it is important to do so with care and predation.
Talk Before making the Decision
A person should speak to their family members before putting things in writing. They should explain the reasons behind the even distribution and hope that the family will be understanding. The family may be understanding and others may need an additional reason. If one is unhappy a person should think about their decision. Instead of leaving the money directly to their child they may want to put it in a fund for the grandchildren or a college savings plan. Inheritance does not have to do with only money. Family heirlooms should be divided equally too.
If one child is better off financially at the time the will it written it does not mean this will be the case in years to come. Financial situations can change. People do get laid off and other issues may happen. It may be a good idea to leave behind money just in case something may happen. A parent wants to make sure their children are taken care of at any age.
Consult with an Attorney
A person should work with an estate planning attorney and they can recommend how to divide up the assets including the money and non-monetary items. A person does not want to leave behind hurt feelings. They should allow the family to know why they have made certain decisions and allow their children to know they are equally loved.
When in question the best thing a person can do is speak to their family and then speak to a lawyer. If they are not going to divide things up evenly than the family should know that ahead of time. This way it can be discussed and no one will need to be bitter. A person should put their wishes in writing. This way their final wishes and their division of valuables will need to be followed.