Law Offices of Connie Yi, PC - estate planning
Tell Us About Your Case

For the safety of our community, clients and staff, we have suspended all in-person meeting effective March 17, 2020. All consultation meetings will be via Phone or Zoom Video Conferencing. Please contact us at 925-484-0888 or email us directly at [email protected] to schedule the consultation.

Bay Area Estate And Tax Planning Law Firm
Estate Planning
Trust Administration and probate

Your kids’ inheritances: harmonious result or rancor?

| Jun 30, 2020 | Estate Litigation, Estate Planning |

It’s your family, and unlike any other.

That likely means this from the perspective of estate planning and contemplated inheritances for your adult children: Take advice from third parties in only the most general sense.

Here’s why, as stressed by the online financial publication NerdWallet: Some family inheritance plans work out tremendously well when all the kids receive precisely equal inheritances, with others collapsing in discord and rancor.

“Money can cause family discord,” notes one wealth planning strategist, “and you want to make sure that you are thinking through [inheritance considerations] and keeping sibling relationships intact.”

That makes sense, of course, but it is sometimes easier said than done. How can parents best ensure that an estate outcome in the future will satisfy all the kids rather than rupture family relationships?

Unsurprisingly, the answer to that sometimes thorny question rests centrally on perceived fairness. In one family, that might well mean the exact same asset slice for every sibling, with unequal (or at least varied) inheritances being accepted as equitable in other families.

Either way, reaching the fullest possible understanding of what will work best generally requires some parental advance planning, coupled with real insight into family dynamics.

The NerdWallet piece logically points out that one or more timely discussions with all the children marked by love and candor can go far toward promoting familial harmony and a collectively generalized notion of what’s fair. Importantly, too, such conclaves enable siblings to timely clear the air on what might otherwise be delayed and sour relationships once mom and dad are gone.

Understandably, it can sometimes be difficult to engages the process. A proven and empathetic estate planning attorney can help with that.

Archives

FindLaw Network

Recent Blog Post

Is estate planning necessary for young people?

Misconceptions exist about the relationship between age and estate planning. Yes, older people may prioritize estate planning for reasons related to advancing age and health concerns. That does not mean only older California residents benefit from the process. Young...

What are the responsibilities of a fiduciary?

Residents of California may want to learn more about the role of the fiduciary and their responsibilities. Because fiduciary duty may be a requirement among certain professions, clients and professionals should know more about what this is. The meaning of fiduciary...

5 factors to consider when choosing a guardian

For parents, one of the biggest reasons they decide to create an estate plan is to ensure their child will be cared for no matter what. It isn’t easy to think about a tragedy where a child may lose both their parents before they turn 18, but parents have to plan for...

View More Blog Posts