An Unfair Will
Frequently parents are confronted with the moral dilemma of how to divide up their estate among children so that jealousies and rivalries don’t flair. Successful heirs frequently don’t see how their less fortunate siblings deserve the same or more inheritance. Less fortunate siblings often feel isolated from a family that never seemed to understand or care about life’s difficulties.
Fortunately, with very little investment, parents can leave as much or as little money to each child — with each child being unaware of the other’s share. By creating a separate trust for each child, there are very limited ways for each child to know how much the other(s) inherited.
There are several types of trusts, and an estate lawyer can help you prepare your estate plan to keep the peace after your passing. Setting up multiple trusts is also a way for you to ensure your money is used wisely and as you’d prefer. For example, if you have a successful heir with his or her own children, you could leave money in a college fund for the grandchildren. If you have an heir with a poor history of money management, you can set up a trust to slowly dole an allotted allowance over the course of your child’s life.
Of course no estate plan is completely free of risk. No matter how many trusts you establish, heirs can file lawsuits and contest your will. However, if you simply communicate this plan with your heirs, your family should remain a cohesive unit after your passing.