NOT ALL CHILDREN’S NEEDS MAY BE CREATED EQUALLY
Parents generally try to treat their children equally across the board, whether it be dollar for dollar, present for present, or hug for hug.
Should you treat your children equally or equitably?But when it comes to estate planning, equitable planning may be more beneficial than equal planning. Parents want to avoid conflict, hurt feelings, jealously, or a misunderstanding of favoritism. However, depending on the circumstances, certain children may have different needs that justify or necessitate different assets being distributed among different children.
ExamplesFor example, one child may have special needs, another may have a great job and built up retirement, while another may be working two jobs to pay rent after hitting a rough patch. Parents might be more inclined to provide more financially to the child who needs it most, even though that may not necessarily be *fair.* An estate planning attorney can help advise you on the right estate plan for you and your family, all while fitting each child*s special circumstances.