parent with more than one child knows that not all kids are created equal…And
when it comes to estate planning, it's time to think hard about what each child
needs and what you've done for each one already.
It’s never easy to make sure
your children are equally supported. After all, they have different interests
and gifts. Unfortunately, this task is no easier with adult children,
especially when it comes to your estate planning.
This subject was taken up by Business Insider in a recent article
titled “Not Every Good Estate Plan Treats Its Heirs
Sometimes you can divide
everything equally and everyone is happy. Sometimes, however, the “even-Steven”
approach may not be the best approach in every situation. For example, the
recipients may have very different needs, some may be more deserving than
others, or the estate assets may not be subject to easy division.
Have you ever marveled at how
children who grew up under the same roof and eating at the same table can be so
different? It can be as simple as the differences between two individuals: one
adult child is wealthy while the other is a starving artist; one child is
disabled or otherwise needs medical aid while the other is as healthy as a
Then, there are the other kinds
of inequities. For example, one child has received financial help from you over
the years while the other toughed it out. The list of differences can go on and
on, but it’s worth a look at the selection pulled together in the original
article before taking a good look at your own plans and family dynamics.
In so many words, life is
complicated, and family can be complicated with it. When it comes to planning
for your estate, there are bound to be any number of conditions you need to
mull over. As a result, you might need to proportion and tailor the
inheritances responsibly. When you do, be sure to consult with the attorneys at Meier Law Firm to help guide you.
Contact your Newport Beach
estate planning attorneys at Meier Law Firm to discuss all of your estate
Reference: Business Insider
(October 26, 2012) “Not Every Good Estate Plan Treats Its Heirs