Fights over inheritance may do more than take time and money away from your children. They may also do irreparable harm to the relationships that exist between them at a time when they may need each other the most.
Luckily, AARP reports that there are several strategies you may rely on during estate planning to reduce the risk of inheritance fights and preserve and protect the relationships between your kids. To lower the chances of your children fighting over your estate, consider taking the following actions.
Distributing your estate equally among them
Leaving one child more than the others has the potential to lead to jealousy and conflict. If you have reservations about leaving one child in particular significant assets, consider using trusts or other estate planning tactics that may allow you to leave some of your legacy behind under conditional terms.
For example, maybe the child that concerns you must marry or turn 35 before accessing his or her inheritance. Conversely, maybe he or she must abstain from using drugs or alcohol for a set period before collecting his or her inheritance.
Sharing your plans with your family
You do not need to give your children dollar amounts when letting them in on your plans for the future. However, you may want to give them a vague idea of what they stand to inherit from you. This helps you counter any grandiose notions they may have about inheriting a huge estate. It may, too, help them accept what they have coming to them so they do not make an issue out of it later on. Find more about dividing your estate among your children on our webpage.