Is The Equal Division of Assets & Fair Division The Same Thing?

When planning your estate, it can be assumed that splitting the assets equally among your adult children is the best decision to make.

No matter if your intentions are to maintain equality, leaving all of your children the same amount of money might not be that practical.

If you make the choice to divide your estate how you see fit, opposed to equal, there are some things to keep in mind:

• Are any of your children financially irresponsible?

• Are any of your children mentally ill or disabled who will need provisions for medical or living expenses?

• Have you paid for any of your children’s college expenses, car, wedding, and/or made a down payment on their house? If so, have all children received the same report?

• Is your family blended? Are any of your children possibly receiving an inheritance from another parent?

The fair division of your estate will require both the current situation and past support to be taken into account. This is where you decide if you want your assets to be allocated equitably or equally.

Equal Inheritance

This means that each child gets an equal part of the estate, this best works when each child has similar needs. The Parent has provided equal support to all children in the past, all children are financially responsible, and all children are emotionally and mentally capable.

A benefit of equal inheritance is the avoidance of any disputes or conflicts. To gain equal inheritance, the value of all of your assets needs to be determined. If you are not sure, then our attorneys at Sivia Law can help to find a solution that works for your family.

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If you need any help regarding your estate or other legal matters please reach out to us directly here and schedule a call with one of our paralegals on our scheduling page here.