If you have children you’re thinking about as you plan your estate, it’s natural to wonder whether it’s best to split things equally or divide your assets based on other circumstances. This is a common conundrum for parents in California and there’s no one right answer that applies to every family.
It’s a personal decision to determine who receives assets from your estate plan and to make proactive steps from there to provide the right amount to relevant loved ones. It’s not always the best solution to provide equal amounts to your children but it could be the perfect situation depending on how many children you have and the assets inside your estate. It makes sense for each one of your children to get the same inheritance when the child is similarly situated in life compared with their siblings and all of your children have similar needs.
If each of these children are emotionally and mentally responsible and capable and have received similar financial support in the past, it’s unlikely to create bad blood if you provide similar amounts to all of them. If you are providing tangible assets, such as real estate, it’s not as easy as estimating what you determine them to be worth.
You’ll need to think about the dollar value of each asset and consider involving the services of an appraiser to determine whether or not your estimates are accurate. It’s also important to think about geographic location particularly if you do have real estate assets inside your estate.
If one child is closer to a particular piece of property, such as a vacation home or has loved coming there for years, you’ll want to consider this as part of your valuation process. Giving an equal inheritance to each of your children can make sense to avoid emotional and financial conflicts with your loved ones.
Need more help? Contact our Pasadena estate firm for more details.