Dividing inheritances for your children in Texas can be tricky. It might seem safe to assume that each child will receive an equal share of their assets. However, there are some cases when a parent may want to leave different amounts to each child. Leaving different amounts can actually be fairer than issuing the same inheritance to each child.
During the estate planning process, the simplest decision is to simply leave each child the same amount of assets. This might be the best decision if the children are in similar economic positions. Additionally, this can prevent in-fighting among the children about why one sibling received a larger inheritance than the other.
Not all family situations are the same
However, in some cases, parents might wish to leave their children different inheritance amounts. If one child took extra care of the family, a parent might want to reward them by giving them a larger share of their assets. Additionally, if one child received substantial financial assistance from their parents, the parent might leave them a smaller inheritance. This ensures that every child essentially receives the same amount.
Parents might also want to leave a child a smaller inheritance if they’re irresponsible or bad with finances. If the child doesn’t know how to manage money, a large inheritance can actually hurt their life instead of helping it. They might spend all the money right away and end up being thousands of dollars in debt.
An attorney might walk parents through the complicated estate planning process. Legal counsel could help parents organize their assets and figure out how much to leave each of their children. A lawyer might also help the parents revise their plans later in life.