Dividing assets among your children is not always an easy question. Should each get an equal share or should you look at the totality of the circumstances to create something not equal, but in fact fair and equitable? This article references an Investopedia analysis of this topic and highlights questions to consider: https://www.investopedia.com/articles/personal-finance/102215/advice-wills-should-each-child-get-same.asp
- Equal Division.
In many cases, and equal division of assets is conventional and seems to be the most logical choice. Such is the case when each child has similar needs. This often happens if they are similar in age, in earning capacity, in responsibility, in mental and emotional maturity, etc. One advantage of an equal division is that it typically appears fair on it’s face to outside observers and perhaps the heirs themselves. If you want to leave children different assets, but to give them equal value, then it makes sense to assign values to each of the assets and to ensure equality in the overall monetary division.
- Equitable but not Equal Division.
There are many situations in which you feel more comfortable or fair by giving children unequal but equitable divisions. For example, if one child has been a caregiver, then perhaps you want to reward that child for his or her sacrifice during your lifetime with additional assets in the inheritance. Or perhaps you have given certain children more financial assistance during your lifetime and want to even out the distributions after your death. If you have a family member who cannot care for themselves, then you may want to leave the bulk of your estate for the care of that heir. You may have a blended family and want disparate amounts to go to children depending on which children have a biological connection to you.
Consult with the Law Office of David Knecht
Whether you are leaning to an equal distribution or an equitable plan, the Law Office of David Knecht, at 707-451-4502, can help. We have extensive experience in estate planning and can help you create a plan that addresses the needs of you and your family and accomplishes your goals.
