When You Need Experienced Guidance

When it’s time for children to inherit assets, is equal best?

On Behalf of | Mar 13, 2021 | Estate Planning

Many people want to become parents and have multiple children. Though most Maryland residents have undoubtedly felt great joy as parents, they have likely also witnessed their children fight, argue, show signs of sibling rivalry and more over the years. While this is not unusual for siblings, most children grow out of these behaviors by adulthood. However, that does not mean that issues between siblings could not arise when it comes time to inherit assets.

For some families, inheritances are a big deal. Some children may often think about what their will get from their parents’ estate, and if they do not end up with what they desired, problems could arise, especially if a sibling got what the other child wanted. Because even family relationships can be so precarious, parents may want to think hard before they choose to give their kids unequal inheritances.

Parents can believe that leaving unequal inheritances is fair for many reasons, including:

  • Believing that an adult child who has children of his or her own needs a larger inheritance than a child who does not
  • Thinking that children with higher paying jobs do not need as much as a child with a lower paying job or other money struggles
  • Wanting to give more to a child who provided care for their ailing or elderly parents
  • Deeming a child with a disability as more in need of assets than those without a disability

The reasons could go on and on, and many of those reasons are valid. However, that does not mean that children who are in line to get less will not feel slighted when the times comes to inherit assets. If Maryland parents plan early and take the time to discuss their decisions with their children, they may find that their children are more understanding than if they are blindsided with the information after their parents’ passing.