The details of a will often involve the dividing up of the property to two or more children. In many cases, the writer of the will decides to equally divide these assets, but this might not always provide the best results.
A variety of circumstances could change this essential calculation in surprising ways.
Consider the situation
An article in Kiplinger, considering the viewpoints of multiple financial planners, points out how the different financial situations of children could argue against an equal division of will assets. The concept of treating children equally but as unique individuals could make sense.
If two children have a strong financial position, while a third child does not, it could make sense to provide more support to this child. This becomes much easier if all three children agree on the process. Another opportunity comes in the form of the assets, making it appropriate to leave a home to a child who does not own a home or to a child who lives in the same town as the family home.
Talk about the options
Whether a person has a large number of assets to pass on or just a modest amount, communication should begin early when deciding on an estate plan. Parents should speak with children, explaining their decisions and making sure, if possible, that the children agree on the broad outlines of the process.
This can leave room for a successful and harmonious but not necessarily equal will. Adult children often have unique characteristics, such as a large number of children or special medical needs, that could call for special treatment when it comes to inheritance matters.
