Ultimately, how you decide to distribute your wealth after your passing is up to you. However, this does not necessarily mean that the decisions you make are going to go over well with all of your loved ones. If you are not careful, you run the risk of your children fighting over your estate in court, which could cost them considerable time and expense.
There are, however, a number of steps you might take to help prevent infighting among your beneficiaries and make managing your estate easier for everyone. To help prevent inheritance conflicts when crafting your estate plan, consider:
Giving all children the same amount
Even if one of your children is more financially savvy or responsible than the others, try to avoid leaving that child more than the others. Making equal distributions among your children just may be the simplest way to prevent inheritance conflicts before they arise.
Having reasoning behind your choice of an executor
Naming one child the executor over your estate has the potential to raise the ire of the others – unless you have a solid reason for giving the responsibility to one child, rather than another. It may benefit you to simply select the oldest of your children, or conversely, you may want to select the child who has the strongest financial or legal skills.
Setting clear expectations
You do not have to give your beneficiaries exact numbers in terms of how much you plan to leave them. However, it may help them keep their expectations in check if you give them at least a rough estimation of what they might stand to inherit down the line.
Once you are gone, your children may find that they need one another more than ever. By taking these steps, you may be able to help preserve the relationships that exist between them.