Fairness

I plan to be fair to my children, but if I leave them an unequal amount of money, am I setting up a future battleground? 
 
Fair isn’t always equal in estate planning. The quandary for parents is how to treat their children equally, even when the monetary amount that each child will receive is unequal. This is particularly prevalent in families that own a business and some but not all of the children have worked in it.  
Maintaining family harmony in this situation is tricky. Human culture has long recognized that sibling rivalry exists.  No family wants to come to blows in court over a Will, yet that can happen when heirs feel like they have been mistreated or that their sibling received more than they did. 
This kind of conflict can be avoided if the parents can overcome their fear of talking to their children BEFORE a Will or Estate Plan has been put in place. 
 
Aside from a desire to be fair, there are many reasons for parents to communicate to their heirs about their estate. The parents may want to give money to their favorite charities. In other instances, it may involve coming up with an alternative plan for a child who has a history of financial irresponsibility. It may mean skipping over some children if they have productive or lucrative careers and instead, providing a Trust for the grandchildren. The key is to discuss things with your children now to avoid surprises This discussion will help prevent a nasty court battle and make sure the legacy left is one filled with love. If you need assistance leaving your family a solution and not a problem call Estate Connection at 780-458-8228 
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Written by Estate Connection

Estate Connection

At Estate Connection, we pride ourselves on our ability to deliver exceptional legal services with a personalized approach to every case. Our law firm is built on a foundation of strong personal connections between our lawyers, staff, and valued clients. From day one we have endeavoured to keep the human element at the forefront of our practice. Our story begins with Stacy Maurier, our founding lawyer. Following her own personal experiences with estate conflicts, she was inspired from a young age to pursue a career in estate law. From her perspective, a person’s legacy is far more important than the material possessions they leave behind. With the right lawyer, she believes estate law can curtail arguments among relatives, save money and time, keep family traditions alive, and make sure a person’s memory is celebrated according to their wishes.