How To Divide Your Estate Between Your Children

The usual practice in families is to divide whatever the property the parents own, equally among the children. It always seems like an obvious step to take. Equal division of all the assets among all the children. It just looks and feels like the right choice. Nevertheless certain families might consider rewarding a certain child then the others. In that instance, it will be seen that each child having an identical inheritance does not make sense. There is a difference between equal inheritance of property and equitable inheritance. 

What Is The Difference?

Equal inheritance means that every child gets the same amount. This may seem a bit confusing because most of the families will have one house, one vehicle and so on. So how can you give one house to one child and another house to the other child? But it is not like that. You usually consider the value of the things and decide on what will go to each child.

Of course if there are only two, then it is quite easy to decide what to do with what you own. However, if there is more than that you will have to talk to legal experts such as family lawyers Invercargill to decide on the valuation, assigning a similarly valued property to each of your children.

What About An Equitable Inheritance 

Some of our children might not make it in life. It is only obvious that some are very much advanced, successful and have a very good life for themselves. And some, are trying hard to be so. It may be that even a certain kid has an inherited disease. Unfortunately incidents like that happen all the time. That doesn’t mean you have to sit and worry about it, but do whatever you can for them to have a better future.

Equitable inheritance comes in, in situations like this. That means each kid of yours will receive what is fair, what is just, given their present or possible future circumstances. It simply makes sense when you think about it because the child who has made it in the world, who has sufficient resources to lead a good life would need less help from you as parents.

Taking Care Of The Caregiver 

It is not only in situations where one of your children is trying very hard to make it in this life, that you can consider giving him or her a bit more of the inheritance. It may be that this one child is your caregiver. When you are getting old, you need help with going to the hospital, getting medicine and even simple day-to-day tasks at home. You might not be able to cook for yourself. You will definitely find it difficult to clean the place.

Therefore, if there is one child, it doesn’t have to be a female child, that is the one who is at home taking care of you, visiting regularly to look after you, then it is obvious to their sibling also that they deserve a bit more than the others. Hence in addition to a child who cannot take care of themselves due to a disability or something as such, the one who takes care of you also falls into the category of inheriting the bigger part of the equitable inheritance.

Not all your children will make it in life and not all be happy about an equitable division of property rather than equal division. But as parents it is your duty to do the right thing.

 

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