The estate planning process involves several important decisions being made and valid questions being raised. This is especially true when it comes to families who plan to split their assets unequally amongst several children. Parents have their reasons for distributing estates unevenly between family members and feel their reasons for wanting to do so are completely valid. The fact remains that potential complications could arise in the form of resentment amongst siblings, thereby making the entire estate administration process problematic. Strategically planning your estate and communicating with your children can help you avoid this hassle.
Maintain Family Peace with Separate Trusts
Estate attorneys recommend that you set up individual trusts for your children to maintain discretion and to avoid any conflict within the family. The beneficiaries are entitled to copies of a trust or a will if anything is stipulated within said documents. However, if the estate is separated into discreet trusts for each of your children, the beneficiaries of each will be the only ones who can access it. You can fund these trusts however you choose and neither child will know what the other will receive. This is one strategy you could use in the estate planning process to help negate any feelings of inequality amongst siblings.
Communicate with Your Family and Your Probate Attorney
No one anticipates uncomfortable conversations regarding money. However, it will help if you explain any reasons for disparities so as any beneficiaries understand the motives behind your decisions. Unequal estate distributions should not disrupt your family’s harmony. You should keep open communication with your children and discuss any decisions regarding inheritances in advance. This leaves no room for misinterpretation of your actions or motives. Parents who plan to establish several trusts or leave unequal inheritances should directly share their wishes with their probate attorney who will ensure that these intentions are carried out.
We understand that every family situation is different and can help you carry out any estate planning decisions. If you have several children and wish to set up a single or several trusts, contact the probate attorneys of McAllen’s Barrera, Sanchez & Associates, P.C. at (956) 287-7555.