How do Estate Plan Fairly, if Not Equally?

Fair means different things for different people.

You have begun your estate planning.

Now, it would be simple if you had one child.

Just leave everything to this child.

Done.

But you do not.

You have several children.

How do you divide your inheritance fairly between them?

According to a recent Wills, Trusts & Estates Prof Blog post titled "Be Fair to Your Heirs: Treating Children Fairly in Your Will,” equal is not always fair.

Equal could be fair.

But it is not a guarantee.

What should you consider?

Perhaps one makes more money than the others.

Perhaps one works for the government or a non-profit and makes less than the others.

Did you provide more financial support to one in the past?

If so, maybe you should make it up to the others in your estate plan.

Whatever you decide, you should discuss your reasons with you estate planning attorney and with your children.

The order in which you have these discussions will vary from one family to the next.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: Wills, Trusts & Estates Prof Blog (July 31, 2017) "Be Fair to Your Heirs: Treating Children Fairly in Your Will."