• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Wilcox Attorneys, PA

Wilcox Attorneys, PA an Arkansas Estate Planning & Trust Information Center

Northwest Arkansas Estate Planning Attorneys (479) 443-0062

Client Vault
  • Home
  • Our Firm
    • Our Firm
    • About the American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • News & Events
    • Speaker Connection
  • services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • Legacy Planning
    • Pet Planning
    • Secure Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Webinars
  • Practice Areas
  • Resources
    • DocuBank
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Articles
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • Legacy Wealth Planning
      • Medicaid Planning
      • Pet Planning
      • Probate
      • Trust Administration & Probate
    • Newsletters
    • Pre Consultation Form
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Contact Us
  • Blog

Estate Planning Article

December 17, 2015 by Deb Sexton Leave a Comment

Fair Does Not Always Mean Equal:
Avoiding Conflict in Inheritances

 Compliments of Our Law Firm, Wilcox Attorneys, PA Law Firm

Written By: The American Academy of Estate Planning Attorneys

Let’s face it, even in the closest-knit families, money and assets can still create problems. For example, resentment can show up when one sibling has seen greater financial and career success than his siblings and trying to “balance” that in your estate plan can cause further friction in the future. So what do you do when you’re estranged from one of your children, or how do you balance your distributions when one of your children has five children of his own and another has chosen to put off creating his own family until he’s established in his career? Are you obligated to leave at least the same amount of cash to your son that you gave your daughter as part of her downpayment for her home?

Clearly, “fair” does not always mean “equal.”

If you have decided to leave unequal inheritances, there are things you can do to offset or prevent hurt feelings or anger after you’ve passed and also, to prevent any legal challenges. The best way to avoid future problems is to discuss your plan and your reasons while you’re alive.

If you do choose to memorialize your reasons, it’s important to be honest, but also recognizing that your letter may be shared during a time that your loved ones are still grieving. While it sounds simple, many of the more successful efforts include more than a simple explanation; instead, they include a more heartfelt justification.

For instance, instead of saying, “Your father and I paid for your college education, so we wanted to put into place enough cash for your brother when he decides to buy a home…” a mother instead chose to say, “Your father and I were so proud of you as we watched you receive your college degree. It was one of our proudest moments and we knew it was one of your proudest accomplishments. Because of that, we wanted to be sure your younger brother would have the opportunity to experience that as well. While he opted not to attend college, we knew that he would soon want to start his family. That begins with buying his first home. We know you will understand that immense pride that comes with being a homeowner and because of that, we know you will also understand why we wanted to play a role in that by making sure he has the funds for a downpayment.”

Often, these heartfelt explanations can remind adult children of what really matters in life.

If, however, you do want to provide a more balanced inheritance, you may wish to consider a life insurance policy to provide balance for the child who receives less than a sibling. These are affordable options for most families and can prevent hurt feelings.

Ultimately, the decisions are yours. Because each family is different, only you can make the call on what works best. Either way, your estate planning attorney can provide guidance to meet your goals and wishes for your children after you are gone. Finally, your estate planning attorney can discuss including a “no contest” clause as a way of decreasing challenges to your plan!

  • Author
  • Recent Posts
Deb Sexton
Latest posts by Deb Sexton (see all)
  • Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
  • Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
  • The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Wilcox Attorneys, PA

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Subscribe to Our Blog

Subscribe to our blog for all the latest estate planning news and updates!

Office Address

Fayetteville
2766 Millennium Drive
Fayetteville, AR 72703
Phone: (479) 443-0062

Office Address

Prairie Grove
1100 Division Street, Suite 4
Prairie Grove, AR 72753
Phone: (479) 846-6026

( By Appointment Only )

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 12:00 PM

Map

map for office
  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

footer-logo

© 2023 American Academy of Estate Planning Attorneys, Inc.