What about dividing assets unequally in estate planning?

| Nov 11, 2018 | Estate Planning

Equality seems to be the best course of action for most everything. When it pertains to estate planning, Illinois residents may benefit from knowing that splitting assets equally among their adult children can go a long way to ensure siblings maintain positive relationships when their parents are gone. It has been shown that it doesn’t matter if one sibling is in a better financial state than the other, leaving more to one than to another can be seen as unfair, unloving and may create a lot of tension and resentment.

The best course of action for anyone in the throes of estate planning is to communicate openly with his or her adult children. Yes, they are adults, but when it comes to parental approval, there is always a child lurking someone inside an adult. Discussing plans with adult children and getting their input may be a wise idea and help them to feel like they’re important in such serious decision-making. 

Most individuals want fairness to be a part of their estate plans and as such, welcome the feedback from loved ones. No one would like to think that his or her family members are fighting over something he or she did or did not do when it comes to last wishes. Transparency from the get go is likely the best bet.

An estate planning attorney is able to offer guidance when it comes to the planning process and what documents round out a comprehensive plan. Although it’s up to Illinois residents to decide how their estate plans look, an attorney can be helpful in pointing out the estate plan legalities. It is incumbent upon an attorney to stay abreast of these laws and pass the information on to his or her clients.