Having a Last Will and Testament to carry out your estate wishes is one of the smartest and easiest decisions you can make — at just about any point — in your lifetime. What’s not as simple, however, are the questions you have to answer in the process of creating that will. One particularly difficult question parents must answer is: How do I divide my estate among my children?
Conventional wisdom might dictate the simplest answer would be to divide your estate equally among your heirs. However, there are some unique situations with families that may justify an unequal division. These situations include:
Three common strategies for dividing an inheritance include:
Given the importance of your estate planning decisions, I recommend you seek guidance from estate planning professionals, including your legal and financial advisors. They can help you address important estate planning issues, including choosing gifting strategies, guardians, executors, and distributions for children.
You also need to talk openly with another important group of people — your heirs. Though gifting decisions are yours to make, the repercussions will be felt by your family members long after you’re gone. For this reason, it’s vital to have frank discussions with all your heirs to ensure they know and understand your decisions.
Working alongside a financial professional can help you navigate the future and reach your potential. To learn how our Wealth Advisors can help you, please call 1.877.670.5400, visit us online, or visit your nearest Citizens branch.
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Disclaimer: The information contained herein is for informational purposes only as a service to the public, and is not legal advice or a substitute for legal counsel, nor does it constitute advertising or a solicitation. You should do your own research and/or contact your own legal or tax advisor for assistance with questions you may have on the information contained herein.
Clarfeld Citizens Private Wealth is a division of Citizens Bank, N.A. that offers banking and investment products. Investment Management Services are offered through Clarfeld Financial Advisors, LLC, an SEC registered investment advisor. Insurance products are offered through Estate Preservation Services, LLC, or an unrelated party. Clarfeld Financial Advisers, LLC and Estate Preservation Services, LLC are both affiliates of Citizens Bank, N.A. Deposit and credit products are provided solely by Citizens Bank, N.A., Member FDIC.