Splitting your estate is ultimately your decision, but seeking legal counsel is advisable. Depending on your family dynamics, some of your children may think your decision to split up your estate is unfair or unequal, but fair and equitable are not the same.
For example, you may have one child with special needs. They cannot hold a full-time job, so they may need a greater share of your estate to cover their basic needs for the rest of their life. This is not equal, and yet it is fair in this situation. Also, if you have one financially successful child and one who struggles, you may think it is prudent to leave the struggling child an unequal share of the estate.
What You Do Is Completely Up to You?
Remember, no one should influence your decision about how you should split up your estate. When you have more than one child, it can be a difficult decision. You want to consider all factors and make the best possible decision.
You should keep in mind that if you wait too long to make a decision and pass away, the state will decide how your estate will be split between your children, which usually means right down the middle. It also means the state will take some of the money. For this reason, it is critical to have an estate plan in place as soon as possible.
Family dynamics can be contentious, and you cannot account for everything. If you try to account for your children’s feelings, you may never actually make a plan, ultimately affecting them.
Whatever you decide, you should put your estate plan into action with the help of an estate lawyer. It is also a good idea to speak with your children about your decision so they have an opportunity to ask questions, and you can explain your reasoning. Simple discussions often go a long way toward resolving issues.
Media Estate Lawyers at Eckell Sparks Will Help You Split Up Your Estate
Being prepared will help protect your family should you become incapacitated or pass away. Speak with one of our Media estate lawyers at Eckell, Sparks, Levy, Auerbach, Monte, Sloane, Matthews & Auslander, P.C. for help with your estate plan. Call us at 610-565-3701 or contact us online to schedule an initial consultation. Located in Media and West Chester, Pennsylvania, we proudly serve clients throughout Delaware County, Chester County, and Montgomery County.