When planning the division of your assets, you may endorse the philosophy of “share and share alike” to avoid conflicts and complaints of favoritism. But does the idea of fairness equate with factors such as age, talents/skills, interests, needs, and degrees of material success? A more practical approach to the division of assets may be one in which you recognize and compensate for differences in the abilities and needs of your children, even at the risk of some disagreement.
Through your estate plan, you have a chance to provide a measure of fairness that your children may not otherwise have found in their own lives. Consider speaking with your children about their hopes, dreams, and expectations, as well as their concerns and frustrations. By listening first, you may gain valuable insights into ways to divide your estate constructively without causing jealousy and resentment. The decisions may be difficult to make, but in the long run, your family will appreciate your goal of addressing each child’s needs.
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