Determining what’s fair when dividing assets

On Behalf of | Jul 11, 2018 | Blog

Nevada residents should know that they can control what happens to their assets after they die. It is important to recognize that no two people may have the same opinion as to what is fair. Regardless of how assets are split, a beneficiary may still believe that he or she was slighted. Ideally, parents will talk about their estate planning decisions with their family members in advance.

When deciding how much to leave to family members, it is worth considering their needs and how they may have been helped in the past. For instance, a struggling child or grandchild may have already received money from a parent or grandparent in the past. However, if other family members are financially secure, it may be possible to leave a struggling family member more money. It is also worthwhile to consider whether to leave anything to help a minor child or grandchild.

Family members are urged to consider that the only measure of what’s fair is what a parent thinks is fair. Children or grandchildren should not equate receiving a large inheritance with the size of their parent or grandparent’s love. Ultimately, they are going to do what they feel is best for their family members as well as what is best for their legacy.

A will may be a useful tool for those looking to retain control over their assets after they die. Assuming that the will is valid, its instructions will determine who gets money in a savings account, a car or anything else a person wishes to pass down. As part of the estate planning process, an individual may also want to consider creating a trust. Creating beneficiary designations may also be an effective way to pass assets in a timely and convenient manner.