An important step in estate planning is discussing inheritance with your children. Inheritance can feel daunting to talk about it with your kids. How will you bring it up to them? What will you say?
In this guide, we’ll take a look at the best ways to go about discussing inheritance with your children.
How to Determine Who Receives Which Assets
There are a few different ways in which you can decide who you will leave certain assets to.
1. Everyone Gets an Equal Share
The most common method of portioning inheritance is to give each child an equal amount. This keeps everyone feeling valued and can reduce any ill feelings between your kids.
2. Consider Children Who Have Special Circumstances
If you have a child who has special needs or is in a position where they require a bigger slice of the pie, you can arrange for that in your estate planning.
3. Consider the Meanings of Certain Assets
Certain assets will hold more meaning for one of your children than they will for another. Whether it’s a car, jewelry, or a painting they have loved, you can assign those assets to the kids who’ll treasure them.
How to Discuss Inheritance With Your Children
When it’s time to bring up the topic of inheritance to your kids, it’s best to speak to your children in a group. It’s equally important that you speak to them honestly and frankly.
Some people find that for non-financial items (such as heirlooms, antiques, paintings, or vehicles), it works well to let your kids take turns choosing what they’d like to inherit.
You can give them each an opportunity to make a solid argument for why they should get the classic car or the piece of jewelry.
Hire an Estate Attorney
The best way to make your estate planning process uncomplicated is to have an honest and open conversation with all of your children.
Need some help? Contact Mark Weseman, an estate attorney who can help simplify the estate planning process for you. You can rest assured that with Mark, your estate is in good hands!