Family dynamics are often complex, but your children may need one another more than ever once you are no longer around to support them. Sometimes, conflicts over inheritances cause fractured relationships between siblings, but there are certain steps you might take when creating your California estate plan to help avoid this.
According to AARP, many inheritance conflicts that arise between brothers and sisters could have been avoided had the deceased party made certain decisions when it came to his or her estate plan. What are some of the things you might do to reduce the chances of your children fighting over their inheritances after your death?
Leave them the same amount
You may have legitimate reasons for wanting to leave one child less than the other. However, this is a surefire way to anger one of them. If you want to leave your children unequal amounts because one of them is responsible and the other is a spendthrift, consider leaving the spendthrift assets in a trust. Then, you may give your trustee specific instructions about when to make distributions for that child.
Set realistic expectations
Siblings sometimes challenge wills or otherwise engage in inheritance conflicts because they expected to get more than they ultimately did. You may be able to quell your child’s unrealistic expectations and avoid conflicts arising due to these circumstances by having a talk about what each child realistically might inherit.
By lowering the chances of inheritance conflicts arising between your children, you increase the chances of them maintaining positive, supportive relationships and being there for one another when you are no longer around.