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Helpful tips for dividing assets between or among siblings

On Behalf of | Oct 12, 2022 | Estate Planning | 0 comments

Your death is undoubtedly going to prove tough on your children, and they may find that they need one another more than ever during that time. However, taking certain steps when it comes to your Florida estate plan has the capacity to divide, rather than unite, your offspring.

Per AARP, inheritance conflicts arise for many different reasons, and they have the potential to cause lasting damage to the relationships that exist between your children. For this reason, it may benefit you to make an effort to avoid inheritance conflicts when you put together your estate plan. Consider taking the following steps when drafting your estate plan to lower the chances of it creating conflicts within your family once you are gone.

Leave your children an equal amount

Arguably the easiest way to avoid a major inheritance conflict arising between or among your kids is to leave them all equal amounts. Some people have qualms about leaving particular children money because they do not trust those kids to spend wisely or not to blow it. If this sounds like your situation, consider leaving the child who is not financially responsible his or her money under conditional terms using a trust.

Tell your children what to expect

You may also reduce the chances of an inheritance battle arising if you tell your children what they are going to get from you while you are still alive. You probably do not have an exact dollar amount to give them, and that is fine. Giving them a general idea of what they might inherit from you should help them avoid developing grandiose ideas about a huge windfall – which could lead to trouble down the line.

If you have a blended family, you may need to take additional steps during estate planning to ensure fairness and reduce the chances of infighting after your death.