It might be simpler for the vast majority of older parents to leave the exact same inheritance or asset value to each adult child. However, equality is not always the best fit. Many more people are confronting this question in light of the pandemic.

You may be concerned about protecting a child who needs it more or paying back a child who helped with caregiving in your older years. Although leaving equal inheritances might be the default method and still the most popular, many people are thinking about the benefits of using different amounts.

A recent study by Merrill Lynch Wealth Management found that two-thirds of Americans age 55 and above said that a child who gave them care should receive a bigger inheritance than those children who did not contribute. The study also found that one out of four parents said that an adult daughter or son who had children should get more than a child who did not.

Equity will be different for different families but having a conversation with an estate planning lawyer can help you figure out the right solution for you. Unequal inheritances can sometimes trigger sibling infighting after a parent passes away. This is particularly true of cases in which family members believe that undue influence by a party who received more could trigger a contest of the will.

Your unique family dynamics are the most important thing to discuss when making a decision about who receives what in your estate plan.

For more support, make sure that you work directly with an experienced estate planning lawyer.  Need help? Call our Pasadena estate planning law office for further details.

Post a Reply