What to know when leaving your kids unequal inheritances

Everyone has different personalities. Different personalities tend to handle money differently, so you may need to tailor your inheritance plans around the unique traits of each loved one.

Often, this means leaving unequal shares of your estate to your adult children.

Inform your loved ones

For many, estate planning is personal and best left private. They would never consider discussing the contents of their will with heirs and beneficiaries.

However, keeping them in the dark about your plans could backfire when they learn they are not getting equal shares. It could spark infighting among your loved ones and hurt feelings about a perceived slight on your part.

You could sit down with your family and explain why you are distributing your assets this way. The ones receiving less may still be upset, but it saves them from the shock of learning of your plans while they are grieving your death. In time, they will likely understand your decisions better.

Schedule periodic plan reviews

Everyone benefits from regular estate plan reviews and updates especially when distributing assets unequally. Your stable, high-earning child could suffer a disability that affects their earning capacity, for example. You may want to adjust your planned inheritances to compensate for possible financial hardships and windfalls.

Periodic estate plan reviews and updates allow you to rest easy knowing the inheritances for your children account for their current and future needs. Regular reviews also help ensure your plan continues conforming to Arizona estate laws.

Call us at 623-294-2464 or contact us to schedule your consultation today.

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