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Do you have to divide your assets equally amongst your heirs?

On Behalf of | May 1, 2023 | Estate Planning

When doing their estate planning, many people will divide assets equally. They just want the children to feel like the division is fair. The easiest way to do this is to make it all even. For example, someone with $600,000 and three children would simply leave them all $200,000.

But you definitely do not have to do this. Many people choose to do a more equitable type of asset division. This means that you may consider the outcome to be a bit more fair, even if it is not distinctly even.

2 reasons for unequal bequests

For example, one reason for unequal bequests could be if you have children who need financial support and others who do not. You may decide to give more money to the child who needs it more, while leaving less of your possessions to your more financially successful child. You’re just considering all of the different factors in play in each person’s life and trying to use your money in the most helpful manner, even though that means one person gets more than the other.

Another reason for an unequal bequest, however, could be if you’ve had a falling out with one of your adult children. Maybe the two of you are estranged and haven’t spoken in years. You may decide not to leave them anything simply because you no longer have much of a relationship or you don’t know how to get in touch with each other.

Regardless of the reason, you definitely have the option to leave unequal bequests if you would like. It is important to know exactly what legal steps to take when doing so, however, as these unequal bequests do make it more likely that your heirs will become engaged in an estate dispute.