It is most common for parents to create estate plans with roughly equal bequests. For instance, they may divide financial assets equally among their adult children or leave property—like a vacation home—to all of them jointly, making them co-owners.
However, it’s important to note that equal distribution is not legally required. Over the years, unequal bequests have become more common. The decision often depends on the relationship between the parents and their children, as well as what the parents hope to accomplish with their estate plan. Parents are free to divide their assets creatively or unequally if they choose.
Why it’s important to talk to beneficiaries
If you decide to create an estate plan with unequal bequests, it may be wise to discuss your intentions with your beneficiaries in advance.
For one, this helps set proper expectations. If your beneficiaries are assuming or expecting equal distributions, they could be surprised when that doesn’t happen. Breaking the news in advance allows them to talk to you about it and ensures they know what to expect when the time comes.
Additionally, having these conversations beforehand can reduce the likelihood of an estate dispute after your passing. Unequal bequests sometimes lead to will challenges, with a beneficiary claiming the will doesn’t accurately reflect their parent’s true intentions. There could also be accusations of undue influence, where one beneficiary claims another manipulated the parent to alter the estate plan. These disputes can often be avoided when open communication takes place in advance.
It’s crucial to work carefully to create a comprehensive estate plan that fits your family’s unique needs. Be sure you understand the legal steps required to put your plan in place.