If you’re a parent, it goes without saying — you want what’s best for your kids.
When your children are young, it makes sense to divide your estate equally among them. However, as your kids get older and reach their 20s and 30s, you may discover that one child is more financially responsible than another. How does this affect your estate plan? Should one child receive more than the other?
When creating your estate plan and deciding how your property and assets should be divided after you die, consider the following factors:
- Caregiver — What if one child stuck around to take care of you later in life while your other children moved away? You may want to leave more to him or her since he or she sacrificed part of their life to take care of you.
- Life situations — One child may be a single lawyer with few expenses while the other may have a large family to support on a modest salary. Should both children receive the same amount?
- Special needs children — If you have a child who is handicapped or disabled, he or she will likely require special care and attention for the rest of their lives. As a result, he or she may require considerably more assets to survive.
- Younger children may need more support — Is there a drastic age disparity between your children? You may have older children who are independent adults and a younger child who is just broaching adulthood.
Regardless of how you decide to set up your estate plan, one thing is certain: you must inform your children — you do not want have them surprised by your estate plan.
The last thing you want as a parent, is to have your children fighting over your will after you die. Sit down with a skilled estate planning attorney, voice your concerns, and heed his or her advice. Then, speak to your children and let them know about your estate plan and what they should expect if you pass away or become incapacitated.
How to Plan for Major Life Transitions
How to Build Your Hedge Fund’s Value Proposition
3 Mindset Hacks for Positive, Purposeful Growth
The Cost of Ignoring Your Emerging Leader’s Ideas
How to Get Recruiters to Notice You on LinkedIn
3 Easy Ways To Visualize Your Success
Using Social Media to Grow Traffic and Sales
Are You Overlooking These Financial Termites?
Can You Spot That One Tiny Thing?
4 Tips To Relieve Common Financial Stresses
Learn10 hours ago
Making Mobile Payments Pay Your Portfolio
Sales Strategy11 hours ago
Women in Sales: What Sets Them Apart
Development11 hours ago
Are You Running Your Business Like a True Professional, or Just Winging It?
Explore Investment Insights1 day ago
The Future of E-Commerce and Retail Will Be Written in China
Leadership1 day ago
The Most Effective Way to Influence Others
Financial Podcasts1 day ago
Become the Master of Your Own Time
Investing in Life2 days ago
Storyselling: Six Magic Words Guaranteed to Engage Your Clients
Development2 days ago
How to Offer More to Your Ideal Clients