Dividing up your estate when you have multiple children can be challenging. Divvying up your estate in what appears to be an equal way among your children can make sense particularly when their relationships with you and the histories are the same.
Equal distribution is one of the simplest ways to avoid family conflict over favoritism or arguments over fairness. However, when it comes to equal distribution, this does not automatically mean equitable distribution particularly when some children have already received benefits or gifts from you in the past or when some children are in more difficult financial situations.
It is logical to divide your assets evenly among them if all of your children have completed college, don’t need you for financial assistance, if no one has a serious illness or disability and if they have all demonstrated they are capable of managing money at high level.
If your bequest, however, includes tangible assets such as real estate, you’ll need to be clear about the appraised value on these assets before deciding how to gift them to your beneficiaries.
You might need to do some brainstorming and thinking before coming to the office of your estate planning lawyer to draft your California will. That’s a good exercise to do to ensure that you’ve got a firm grasp on what to expect.
With these complex and family-specific concepts, it is important to schedule a consultation with an experienced and dedicated estate planning lawyer today. We’ll work with you at our Pasadena estate planning office to create the custom plan to meet your needs.