For My Children

Avoiding Inheritance Disputes Between Siblings

In a perfect world, all children within a family would be equal, giving you the ability to plan and provide for each child in exactly the same way. Each individual asset would be just as equally and easily divided. However, life being what it is, this is not always possible. 

Sometimes challenging family dynamics complicate your decisions and influence how you divide your estate. However, there are various options available for planning for all types of situations. You can create a solution unique to you and your family.

How Your Estate Plan Can Protect Children From Each Other

Concern

Possible Outcome

Solution

Preferred Outcome

Conflict within my family

Children don't always get along and may disagree on things once you pass away. This conflict may result in delays, court involvement, added costs, missed tax advantages, and broken family relationships. 

Plan ahead and clearly spell out your wishes to alleviate conflict within the family later. 

Manage your family’s expectations by assigning roles to the people most capable and clearly direct your assets where you want them to go. Appoint co-trustees to provide checks and balances for your estate. 

Divide your estate unequally

Often it is not easy to just divide your estate into equal parts. Sometimes assets are not divisible and you have to give yourself permission to do what is best for you, your family, and your estate.

Consider your goals and plans. Fair and equal are not always the same thing. Plan for your family and your situation. 

Find ways to divide your estate to include each child, but perhaps by using different assets. Consider taxes for your situation and for your children. Incorporate multiple generations to spread wealth to all levels of the family.

Disinherit a child

You may have a child that is estranged from the family or, for personal reasons, you have chosen not to include them. On the opposite end of the spectrum, you may have a child that is very successful and doesn't need or want an inheritance. 

Effectively keep a child from inheriting if the situation warrants through your estate plan.

Create a plan that leaves your estate to the people you have chosen as your beneficiaries. You may decide to pass your estate to multiple generations. You may bypass a child and in favor of other family members. Have a family meeting to set expectations and preserve relationships. 

People delay planning because they do not know how to effectively deal with the issues above. However, an experienced Estate Planning Attorney will present solutions to these problems. Every family is unique; therefore, your Estate Plan should be custom-built around you and your family.  

Learn More About Protecting Your Children Through Estate Planning

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