Varying degrees of financial responsibility by children can be a challenge to creating an estate plan, according to Market Watch in "My son is responsible, my daughter is in debt -- how do I split my estate?"
A common way to meet the challenge, if financial responsibility isn’t the same among the children, is to create an estate plan that limits how the assets can be used. Provisions can be written into a trust, so an irresponsible child cannot waste any money received on frivolous things. This is unlikely to offend any responsible children, if they use the money in reasonable ways.
An estate planning attorney can advise you on creating an estate plan that fits the unique circumstances of your family. Also, you don't have to treat your children equally if you don't want to. It's your plan and your assets so they can be designed any way you choose. Sometimes there are reasons children are treated differently such as substantial lifetime gifts, special needs of a beneficiary, or family relations. We will meet you where you are.
One of the main goals of our law practice is to help families like yours plan for the safe, successful transfer of wealth to the next generation. Call our office today to schedule a time for us to sit down and talk about your estate plan, where we can identify the best strategies for you and your family to ensure your legacy of love and financial security. Our office is located in Santa Ana, CA but we serve all of California including Irvine, Orange, Tustin, Newport Beach, and Anaheim.
Reference: Market Watch (Feb. 16, 2018) "My son is responsible, my daughter is in debt -- how do I split my estate?"