As a parent, you should love each of your children equally. And so, you may always make a conscious effort to treat them equally and not behave or act toward them in a way that may be misconstrued as favoritism. With this mindset, you may assume it is only fair to distribute your property and assets equally among your children at the time of your unfortunate passing. However, there may be extenuating circumstances when this is not in your children’s or your estate’s best interests. With that being said, please read on to discover whether you should divide your estate differently among your children and how a seasoned Broward County estate lawyer at The Probate Lawyers can help you make this tough decision.
Why should I divide my estate differently among my children?
You may not share a standard, cookie-cutter dynamic with your children, which is more common than you realize. Therefore, a precise, equal division of your estate may not make the most sense. Rather, it may be better to impose varying conditional gifts among your children’s designated trusts.
For example, say that one of your children, sadly, has a long-standing history of addiction, whether it be substance abuse, gambling, or otherwise. Well, you may not necessarily trust them to inherit a large sum of assets and money, as you may be afraid they may waste it on drugs, alcohol, or betting. So, in their designated trust, you may instruct your trustee not to distribute its funds until they seek professional help for their addiction problem, remain addiction-free for a duration of time, and meet other strict caveats.
In another example, say that one of your children has married someone you do not necessarily trust. That is, they may be notorious for financial irresponsibility. You may rest easier knowing that your child may keep your inheritance in the event of a divorce, so long as they do not commingle it with their marital assets. As an extra precaution, though, you may direct how your child handles and uses it. Specifically, you may want them to deposit this payment(s) into a separate bank account. Then, you may want them to use it for continuing their education, starting their own business, etc.
Should I establish a special needs trust for one of my children?
If one of your children has special needs, it is no question that you need to make plans for them that are unique to that of their siblings. Specifically, you must set up a special needs trust in their name. On top of this, you may need to distribute more assets and funds their way because they require more financial support, given their health condition.
To ensure you do not go through this critical yet complex process by yourself, please reach out to a competent Broward County special needs planning lawyer. Our team at The Probate Lawyers is more than happy to serve you.
