If you are a parent about to make your estate plan, you might be wondering whether you should split things evenly between your children. One recent report found that this is what two-thirds of parents do.
While this is what the majority of parents do, you are under no obligation to do so. Indeed, unless your children are minors, you do not have to leave anything to any of them. You could give it all to someone else, or a charity. Or you could some to your children and some to others.
An uneven split may sometimes be better
Sometimes there are good reasons to split things unevenly. Not everyone finds it easy to make money. If one of your children has never managed to match their sibling’s financial prowess it might make sense to leave them a greater share. They could perhaps put that money to better use, such as using it to buy a home, compared to a sibling who wants for nothing thanks to their business success.
Another reason to leave one child more is if they have special needs and cannot go out to work. They might need help for the rest of their life, and leaving them extra could help make their life more comfortable. Do be careful what you leave them does not exclude them from getting benefits though.
If you are considering leaving your children uneven amounts, be aware that it could lead to arguments between them. One might assume the other had a hand in your decision and that could lead them to contest your will. Informing them of your choices now can reduce the chance of problems. As can learning how best to write your choices into your will.