Most parents in Texas want to leave an equal inheritance to their children. However, there are some cases when it’s better to give one child a larger or smaller inheritance than others. In fact, in some cases, leaving a large inheritance behind can actually ruin a child’s life. Here’s why parents might consider leaving a child a smaller inheritance than their siblings.
When should parents consider leaving behind a smaller inheritance?
Ideally, parents should be able to divide up their estate evenly among their children during the estate planning process. However, there are times when a child might not benefit from receiving a large amount of money. If the child has irresponsible spending habits, they might simply burn through their inheritance and end up with a massive amount of debt. Additionally, if the child has a drug or alcohol problem, receiving a lot of money might just fuel their addiction.
Leaving a larger or smaller inheritance can also make it fairer for the other children. If the parents paid for one child’s college education, it might not seem fair to give them the same amount as their siblings, since they’ll ultimately receive more money. They might decide to leave that child a smaller share to ensure that each child gets paid equally.
Can an attorney help you with estate planning?
An attorney might be able to help you navigate the complicated process of estate planning. They might help you evaluate your assets and figure how much of an inheritance to leave to your children. An attorney might offer legal and financial advice that helps your children get the most out of their inheritance without dealing with a large tax burden. Your attorney may also help you choose someone for power of attorney, select a health care proxy and make other important decisions.