Is it wrong not to split your estate evenly among your surviving children?
For many parents who are writing a will that instructs what should happen to their assets after they die, it’s a no-brainer. They simply decide that the fairest thing is to split their assets evenly among their surviving children.
But there are no rules that say such an equitable split is required.
Parents can decide whatever they want to decide about what should be done with any assets that remain after they are both dead. They could, if they want, leave any assets to charity.
Even parents who once thought they would divide their assets evenly among their children change their minds. Perhaps one child develops special needs that provide a significant financial hardship not faced by siblings. Or an adult child may have borrowed a significant sum from parents with the understanding the amount would be deducted from any inheritance. The parents might also decide to leave some money to a grandchild who has a particular need that others don’t.
Life can get complicated.
But when the parents are gone, the children are left to sort through whatever the parents decided to do with their assets. It no longer becomes a problem for the parents since they will be dead, but some choices might result in creating friction in relationships among the children, particularly if they read something into the parents’ decisions that wasn’t intended.
If parents are hopeful that their children will maintain a strong relationship after the parents have died, trying to avoid doing anything that might cause resentment toward one another seems wise.
Again, parents can choose to do anything they want with their assets, including trying to die as close to broke as they can. The best option may be to think through their choices in a way that achieves whatever they hope to achieve.
One way to do this is to try to be as forthcoming as possible with their children about the choices they make. This, of course, involves discussing their will and any estate plans with their children, which itself can be a challenge since some children balk at any discussion acknowledging their parents’ mortality.
Years ago, when my sister and I were in our 20s, each of us lived in a different part of the country than our parents. We planned to visit our parents at the same time partly so we could talk to them about writing a will and letting us know what they would like us to do when they die. When we finally sat down to talk, my sister’s eyes welled up and she left the house. She couldn’t bear to discuss it. It was years before we finally took up the topic again. Making sure all of us were ready to have such a discussion helped make it go smoother than it might have otherwise.
To avoid damaging relationships or unintentionally hurting feelings, the right thing is to discuss your plans with children well before you die. (After-death discussions are typically impossible.) You can let them know of your choices and also let them know you’ll tell them if anything changes.
The discussion might not be easy. It might be challenging, but if you care about your kids and their relationship to each other, it’s the right thing to do.
Jeffrey L. Seglin, author of The Simple Art of Business Etiquette: How to Rise to the Top by Playing Nice, is a senior lecturer in public policy and director of the communications program at Harvard's Kennedy School. He is also the administrator of www.jeffreyseglin.com, a blog focused on ethical issues.
Do you have ethical questions that you need to have answered? Send them to jeffreyseglin@gmail.com.
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