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Is Social Security Going To Run Out In Your Lifetime?

We get regular updates on the Social Security trust fund. In early May, the Social ...

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Thriving on the Uncertainties In Investments

We all like surprises, right? Well not exactly. We like the surprises that we want. ...

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9 Facts About Retirement

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Think Carefully About How You Divide Your Estate with Children

February 23, 2021

If you have multiple children that you intend to be beneficiaries of or executors in your estate, be careful about trying to apply things equally rather than fairly. Having multiple children and leaving them each behind a stake in the house can cause more conflicts than you ever intended.

Imagine, for example, that you have six children and all of them now equally own a portion of a vacation home or original home once you pass away. This means that either all of them will need to come to terms about what happens with the property or the property will need to be sold and divided among six parties in the event that they cannot come to a conclusion. 

Furthermore, naming multiple children as executors of your estate also leaves challenges regarding unified decisions. Especially if the children you intend to install in this role have different personalities and views over how things should be handled, this can delay the administration of your estate and increase family conflict.

There is still the possibility that a fight could occur without a will in place since the state will determine who receives what property, but having multiple executors serve at the same time or attempting to divide property, like a home, equally over multiple people can create far more problems than it would ever be worth. It is better to consider consulting with an estate planning attorney about the creation of a trust to empower these unique decisions and have them all working together.      

 


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Recent Posts
Is Social Security Going To Run Out In Your Lifetime?

We get regular updates on the Social Security trust fund. In early May, the Social ...

The post Is Social Security Going To Run Out In Your Lifetime? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
Thriving on the Uncertainties In Investments

We all like surprises, right? Well not exactly. We like the surprises that we want. ...

The post Thriving on the Uncertainties In Investments first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
9 Facts About Retirement

Retirement can have many meanings. For some, it will be a time to travel and ...

The post 9 Facts About Retirement first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more