For many adults with children, determining how you wish to divide your estate amongst your heirs can be a complicated process. Unfortunately, many are under the assumption that they must divide their assets evenly, which is far from the truth. As such, if you are interested in leaving different inheritances for different beneficiaries, this blog explores what you should know about your options, including why these are often contested and the steps you can take to avoid legal issues in the future. Additionally, you’ll learn the importance of working with a Medina, Ohio estate planning lawyer to help you through these complicated times.
Can I Leave Different Inheritances for My Heirs in Ohio?
No two family dynamics are the same, which is why some may find that leaving unequal inheritances is the best option for their circumstances. For example, you may have one child who struggles more than the other, and you may wish to leave them a larger share of the estate. On the other hand, you may decide to leave one of your children a larger share of the assets because you provided financial support to their sibling years prior.
Regardless of your reasoning, you are legally able to leave different inheritances to your Beneficiaries in Ohio. There is no law that states that your heirs are entitled to equal inheritances.
You should note that while you have the right to leave different amounts for certain heirs, your surviving spouse is legally entitled to an elective share, which means they cannot be completely disinherited from the estate. Additionally, you’ll need to review any prenuptial agreements to ensure that your estate plan adheres to the legally binding terms of this agreement.
Can Beneficiaries Contest Unequal Inheritances?
You may find that some Beneficiaries are unhappy with the different inheritances they receive, especially when one heir receives a larger share of the estate.
As such, many Beneficiaries who feel slighted by this decision choose to contest the will. They may do so on the grounds of undue influence, lack of mental capacity, or fraudulent activity. Unfortunately, the contention of a Will can drain funds from your estate, ultimately reducing the inheritance of all Beneficiaries.
What Can I Do to Avoid Legal Issues?
If you wish to leave unequal inheritances, but you are worried about legal issues following your passing, there are steps you can take to reduce the risk that disputes arise in the wake of your death.
One of the most important things you can do is create a letter or intent. This is a document that works in conjunction with your Will, as it can serve to explain why you’ve made certain decisions regarding your estate. Though these documents are not legally binding, it can help ease tension, as your child may understand the reason they have received less than a sibling or other Beneficiary.
If you wish to create even more protection, you may decide to include a No-Contest Clause in your Will. This essentially means that anyone who attempts to contest the Will risks being disinherited. Unless there is probable cause to contest the Will in accordance with Ohio Law, this can help deter some heirs from contesting the document.
When you’re ready to create a Will in Ohio, it’s in your best interest to connect with an experienced attorney at Krause Law. Our team understands that this process can be incredibly difficult, and errors can leave your assets and Beneficiaries vulnerable. As such, our firm will do everything possible to help you through these matters to help you create a Will that reflects your wishes. Contact us today to learn how we can assist you.
