Data from 1995 to 2010 shows an interesting trend among estate owners aged 50 and older who left multiple children an inheritance. At least 19% more people in this group left unequal amounts to their children in 2010 than in 1995. Data also shows that at least 70% of adult siblings who quarrel about money do so over issues such as parents giving more to one sibling than another in a last will and testament.
The following list shows issues that may or may not be relevant in your case but are reasons many estate owners cite as to why they chose to give unequal inheritances to their children:
This is a controversial topic with people who support and oppose the idea of unequal inheritance on both sides of the issue. When you’re considering how to arrange your estate plan, you must ask yourself whether “equal” and “fair” are synonymous. Some people think that, to be fair, an inheritance must be equal. Others disagree. You’ll want to determine where you stand on the issue before executing a last will and testament.
It’s understandable that a parent might hope that his or her children will maintain close and loving relationships with one another after the parent dies. In fact, issues such as an unequal inheritance often spark contentious sibling rivalries, some which create a permanent rift between family members.
However, if you feel strongly that an unequal inheritance is the path you wish to take when executing your estate plan, you may want to seek legal support for guidance on how to prepare your children ahead of time and help them avoid disputes when the time comes to administer your estate.
]]>There are different ways you can set aside and designate assets for a specific use, both during and after your lifetime. If your goal is to ensure that your grandchild has the financial resources to pay for his or her higher education, one effective way to do that is through a 529 savings plan. You will benefit from understanding how this type of plan works and how it could help you accomplish your estate planning goals.
A 529 has long been a popular option for those looking to establish savings specifically for the purpose of paying for education. However, there have been recent changes to these plans that could make them even more effective and useful tools for this purpose. Consider the following about 529 plans and the benefits this option could offer you:
You may benefit from seeking guidance regarding how to establish savings for your grandchildren. You can make choices now that will benefit you and your loved ones for years to come. If you are unsure of how to do that, you may benefit from seeking professional guidance regarding your objectives and the steps you can take to accomplish them.
]]>Passing property to heirs and beneficiaries is a normal goal for estate planning. However, there are specific ways that you should do this; otherwise, you could create unintended complications for you and your loved ones. With the right plans in place, you can feel confident that your future interests are secure. It is important to think carefully before you make any important decisions regarding your property and your heirs.
Your home is your personal property, and you have the right to have the final say over what happens to it. If you would like to ensure that your home passes to your loved ones, you have a few options by which you can accomplish that goal. Those options include:
The decisions you make regarding your personal property and assets are unique and specific to your individual situation and your goals for the future. An assessment of your estate, your finances and your objectives regarding your family home will help you understand the specific steps you can take to create a plan that is meaningful for generations to come. Your estate planning efforts now can provide you with peace of mind, as well as financial security for your children and grandchildren.
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