Is it okay to leave children unequal inheritance?

Is it okay to leave children unequal inheritance?

| Nov 28, 2019 | Estate Planning |

For some couples, there may be logical reasons why they may distribute their inheritance unequally. But as people’s financial situations can change over time, some say doing so could create other problems.

However, there are unique situations where distributing inheritances unevenly to the children may be a practical move.

When unequal distribution makes sense

These are some common instances where financial favoritism may be rational:

  • The family owns a business: In some cases, one child may show more interest in running the family business after the parents pass away. However, this can get complicated if the business makes up a majority of the family’s assets.
  • The child is the parents’ primary caregiver: If the child made sacrifices in their career or other areas of their life to provide care for their aging parents, they might consider giving them a larger share of their inheritance. This is can often make up for the child’s lost wages during their parents’ time of need.
  • The child has a disability: Giving more money to the child with a physical or mental impairment is quite common. In many cases, doing so can decrease the burden of the other siblings as they often don’t have to worry about using their financial resources to care for their disabled sibling when the parents die.

Reaching these decisions can be difficult

Deciding how to distribute inheritance can be both daunting and challenging. Fortunately, an experienced and thorough estate law attorney can assist families in addressing their concerns and answer any questions they may have.