In some cases, an estate plan attempts to split things up equally between beneficiaries. A parent may ask what sentimental items each child wants in advance. They may divide up all financial assets equally and split them between their beneficiaries. Even tangible items may end up with equal ownership, such as leaving a family home to three children who all become joint owners.
But are you obligated to use equal bequests in your estate plan? Certainly not. You have the freedom to divide your assets and possessions in any way that you wish. You can use unequal bequests, leaving more or less to specific beneficiaries.
Why would you do this?
In some cases, you may simply decide that it is more fair to leave an unequal bequest so that you can accomplish your goals and create an estate plan that fits what your family really needs.
For example, say that you have two adult children. One of them owns a home and a vacation property and makes over $200,000 a year, so they are very financially stable. The other person rents an apartment and works for minimum wage. You may believe that it makes more sense to leave the adult child who has fewer resources a greater inheritance—or full ownership of a family home—simply because they have a greater need than their sibling, who has already met all of those needs in their own life.
The key is to focus on what will work for your family and what goals you have for your estate plan. If you would like to learn more about the process, contact our law firm today to set up your initial consultation.