How Do I Treat My Children Fairly In My Will?

As a parent, one of your top priorities is ensuring your children are provided for, regardless of their ages. A last will and testament allows you to designate them as beneficiaries of your estate and determines how property and assets are divided between them. 

When creating a will, one of the most common concerns we hear concerns treating each child fairly. As a Georgia estate planning attorney, I often explain how to best navigate what can be a sensitive situation. 

Treating Children Fairly, But Not Equally

In families with multiple children, it is common for siblings to joke among themselves about who is mom or dad’s ‘favorite’. These discussions can get quite serious once children become adults and the conversation turns to the contents of your will. 

Treating each of your children fairly is a reasonable goal. However, this does not necessarily translate into treating them all equally, particularly when creating a will and other estate planning documents. 

Accounting For Each Child’s Unique Situation

Kiplinger advises that rather than simply dividing property and assets evenly among your children, consider the details surrounding their unique situations. For example: 

• Their income:
  If one child makes significantly less than the other, you may want to leave them additional amounts to ensure they are provided for. 

• The amount of property they own:
  Is one child struggling more than their siblings to furnish an apartment or relying on public transportation? It is reasonable to consider leaving these items in your will. 

• Their ages:
  You may have already put an older child through college, paid for a wedding, or covered other significant life expenses. Using your will to provide the same advantages for younger children makes sense. 

• Their goals in life:
  Maybe one child dreams of becoming a doctor, while another wants to start their own business or retire early and travel. Different goals require different amounts of money, and it is reasonable for your will to reflect this. 

Accounting For Each Child’s Differences

Different children have different needs. Other concerns or issues that may warrant special consideration when providing for children in a will include: 

• Covering the cost of food, housing and a caregiver for a child who suffers from physical, emotional or cognitive disabilities. 

• Allotting an amount to cover future medical expenses for a child who suffers a major illness or chronic health condition. 

• For a child who struggles with addictive behavior, such as gambling or drug and alcohol abuse, you may want to take steps to prevent them from squandering their inheritance. 

In addition to your will, you may want to consider establishing an adult guardianship and putting assets into a trust in the above situations. This can provide greater control in making distributions.   

Talk To Your Children About Your Will

Talking with children about end-of-life issues is rarely easy. Still, it is crucial to convey your wishes in advance. Informing them about provisions in your will allows you to explain your choices, correct misperceptions, and avoid potential future disputes. 

In the event of your passing, your will is filed with the Gwinnett County Probate Court. Not talking to children prior to this point could result in disputes that lengthy the probate process, costing your children time and money while impacting their relationships with each other permanently. 

Contact A Georgia Estate Planning Attorney 

Estate planning can pose unique challenges when you have multiple children. At Smith Taire Legal, we provide the trusted legal guidance you need to ensure you and your family are protected. To discuss your options with Georga wills and estate planning attorney, call 678-253-8133 or contact our office online to schedule a complimentary consultation.