Even though it is not the most pleasant topic, most adults understand the need for a will and an estate plan. Most adults know this benefits them, giving them control over their assets and allowing them to designate beneficiaries. In the best-case scenario, children and heirs are cooperative, want to honor their parents’ wishes and want the best outcome for each other. However, this may not always be the case.
Preventing siblings’ squabbles
More often than not, heirs fight over assets long after their parents are gone. This is why the documents that make up your estate plan need to be transparent and clear. Remember that it is critical to be as specific as possible about your wishes, desires and beneficiaries in your will and other estate planning documents.
Not every adult child gets along with their siblings. Suppose the children expect an inheritance, and their financial situations are different from one another. In that case, it becomes even more critical to stipulate in black and white what will belong to whom in your will and all other relevant estate planning documents.
How do I divide my assets between my kids?
When several properties are involved, some attorneys recommend leaving one property to each of your children. They also recommend making up the difference with another property or a monetary share for the other sibling. You can also stipulate that all parcels must be sold by an executor and the proceeds divided evenly between your children.
Dividing assets and choosing beneficiaries is not as complicated as people think. It can seem daunting, but if done correctly, you will have a solid estate plan that will give you peace of mind. This will enable you to enjoy your time with your family.