Explaining will plans to heirs

On Behalf of | Jan 3, 2017 | Blog

Many Nevada residents have several children, and determining how to divide assets among the heirs in a manner that will be perceived as fair is important. When adult children feel that their parents’ estates were divided unfairly, they may feel resentment towards the siblings who received more.

There are two primary approaches people use when they are planning their estates when they have several adult children. Some people decide to divide everything equally. Others decide to take an approach based on the needs of their children, giving more to those who are less successful than to those who already have more.

No matter which approach parents decide to take, it’s important for them to make certain that their children understand what they are doing and their reasoning for doing so. For example, even in cases in which the assets will be divided equally, some children may feel bitterness towards brothers or sisters who have been given more during their parents’ lifetimes who then receive equal shares of their parents’ estates. Parents may choose to have conversations with their children in order to explain their plans and their reasoning. They may also explain their reasoning in letters that accompany their wills. When children understand what their parents’ thoughts were, they are less likely to be bitter and engage in conflict with each other.

Will planning involves considerations of both the needs of the children as well as how to divide assets in a manner that will result in a minimum of conflict. People might want to discuss their thoughts with their estate planning attorneys and see what the optimum way of handling what could be a sticky situation might be.