One of the most pressing questions those planning their estate must consider is how they wish to divide their assets. In many instances, parents wonder how they can distribute their property equally among all their children. Though it may seem as simple as writing this in a Will, there are important considerations that must be made. As such, the following blog explores what you should keep in mind when exploring your options and why working with a Medina County, Ohio estate planning lawyer is in your best interest during these complicated times.
Is It Possible to Divide Assets Evenly Among My Heirs?
Many estate heads are unsure how they would like to divide assets among their heirs. One of the main concerns is issues arising after their passing as a result of some inheritors feeling slighted if they receive less than others. As such, when estate planning, many opt to divide assets evenly among their children. However, understanding the different methods of achieving this is critical.
Evenly dividing property can be incredibly complicated, as the value of assets can change over time. However, one option is to hire someone to value all assets you wish to distribute. This allows you to know the value of the property and make the decision regarding which inheritor receives which assets. For example, if your vacation home is valued at $1.5 million, your life insurance policy is set at $1 million, and your 401(l) has $500,000, you may decide to leave one child the vacation home, and another your life insurance policy and 401 (k). This ensures each child gets assets of equal value if that is your wish.
The other option is to sell and divide. Essentially, this means that your assets will be liquidated upon your passing, and the funds generated from the sales of these assets will be evenly divided among your heirs.
If I Choose Equal Distribution, Do I Need a Lawyer?
If you wish to divide assets evenly among your heirs, you may assume that creating a Will with these terms is simple. However, this is far from the truth. You may find that Beneficiaries may dispute the value of these assets, which can result in issues. Similarly, you may be hesitant about selling certain assets but still want them to stay within your family.
As such, discussing your wishes and concerns regarding your estate plan is critical to ensuring that both your assets and Beneficiaries are protected according to the terms and conditions you wish to implement.
Unfortunately, many underestimate the difficulties that estate planning can pose. Failing to ensure your wishes are accurately documented can result in your estate being handled incorrectly. As such, discussing your legal options with an experienced attorney at Krause Law is in your best interest. Our dedicated legal team understands how difficult these matters can be, which is why we are ready to provide you with the best legal advice possible for your circumstances. Contact us today to learn how we can fight for you during these difficult matters.
