Whether you should leave an equal share to each child, is a question that parents face when drawing up a Will. There are many factors that parents may take into account when drawing up their Will and can favour one child over another. However, there is a danger to uneven distributions, beyond just hurt feelings.
Equal splits among siblings are still the norm in estate planning, state CurryPopeck, Solicitors. However, there are many parents writing Wills that favour some of their children more than others.
There are many factors parents may take into account when determining how to distribute their property. One child may be financially stronger, or may have three children of his own, while another may have just one child. A close, loving relationship with one child can also be the reason. It's also not unusual to see imbalances when parents are planning to provide for a special-needs child.
Regardless of the reasons, unequal bequests can lead to discord in the family, say the experienced solicitors at Curry Popeck. The child receiving the lesser share may challenge the Will, alleging the parent’s diminished capacity to make that gift, or that the child with the greater share exerted undue influence.
When making your Will, one of the major goals for most of the parents is to keep the children out of court with each other. Even if there aren't grounds for a legal challenge, unequal bequests may lead to family feuds. Therefore, such decisions should be handled with care and should only be made after consulting experienced solicitors.
According to Curry Popeck Solicitors, there are steps you can take to help protect your will from legal challenges, which includes being open about your inheritance plan when you are still alive. This will help the family members to truly understand your reason for doing so, thereby minimising the chances for discord and suspicions later.
If you find it difficult to have this conversation with your family members, you can write a letter or make a video elaborating on the reasons and thought process behind your plan. Apart from this, some other important measures include, drafting a Will. According to CurryPopeck Solicitors, if a person wants a say in how things are distributed after their death, they need to make a Will.
If you die without making a will, government intestacy laws apply, which generally specify equal division among biological and legally adopted children. The step children, even if you've been living with them for a very long time, do not get anything, if intestacy laws apply, so if you want your property to be distributed according to your wishes, you should consider drafting a will.
Talking to your children about which items they might want, also helps avoid future disagreements, suggest the law experts.
If you have any questions regarding the issues raised in the article or are looking for expert advice on matters related to Wills, Powers of Attorney, probate, tax planning, estate administration, matrimonial matters and other areas of law such as corporate law, dispute resolution and litigation, employment, enfranchisement and lease extensions, Sports & Entertainment, visit Curry Popeck Solicitors at-http://www.currypopeck.com/
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