What Happens if You Leave One Child Less Than Another in Your Will?

As a parent, you may be tempted to leave one child more than another in your Will or trust. This is more common than many realize, and it often has nothing to do with “playing favorites.” In fact, a parent might leave one child less assets simply because they are trying to protect them. What happens if you favor one beneficiary over the other? Will your children understand? If you plan to do this, you might want to speak to a Washington estate planning attorney for further guidance.

Consider Discussing Your Decision With the Family 

If you’re certain you want to split up your assets unequally between your children, it might be worth having a civil discussion with your entire family about your decision. This could help avoid unwanted surprises after you pass away, and it may reduce the likelihood of a challenge to your Will.

Explain why you have made your decision. Perhaps you need to express concerns about one child squandering your wealth on gambling, substance abuse, or frivolous expenses. Perhaps one of your children has a family, while the other does not. You might need to explain that you want to support the child who has a family due to their higher living expenses. Perhaps you want to leave this family your primary residence, ensuring that the next generation enjoys your beloved home.

Maybe you want to reward one child for acting as your caretaker during your twilight years. Perhaps you believe that one child needs the money more, as they have not achieved the same level of financial success as the other children.

Explaining your logic in clear terms may prevent tensions and arguments when you pass away. A challenge to your Will is something you should avoid at all costs, since it makes probate more time-consuming, stressful, and expensive for everyone.

Consider Using Trusts for Beneficiaries Who Cannot Manage Money Effectively 

You may not need to leave less to a child who cannot manage money, and a trust could ensure that your hard-earned wealth is not wasted. Perhaps your child has a substance abuse issue. In this situation, you could establish a spendthrift trust that only distributes a small amount of money each month. This would prevent your child from spending too much on their addiction. You might also stipulate that your child should only receive their inheritance after completing rehab and staying clean for a certain number of years. Special Needs Trusts are also extremely important for beneficiaries that are disable or may become disabled and need to draw on public benefits.

Can a Kennewick Estate Planning Attorney Help Me? 

Leaving behind unequal sums to children is quite common, and sometimes it is truly the best choice for everyone. However, parents must be careful to avoid unwanted consequences – including challenges to their Wills. To learn more about the most appropriate way to approach this delicate situation, consider speaking with a Kennewick estate planning attorney. Choose Moulton Law Offices – and schedule your consultation today.

Sources: 

wa-probate.com/

investopedia.com/articles/personal-finance/102215/advice-wills-should-each-child-get-same.asp