Your Last Statement to Your Loved Ones
When two people become married and then start a family people can over the years forget what their goal was. You start and everything is new and exciting. You spend so much time teaching children lessons that sometimes we forget to put those lessons in writing to protect our family.
Everyone’s wishes may have been expressed but time makes some forgetful.
Maybe one parent dies and then the other parent remarries.
How is this inheritance handled?
After it has been given to the children, can it be taken back?
When you are thinking of these questions, disclose your wishes if one parent dies AND if both parents die. Whether you are the first to go or not, you want your children protected.
We normally both fly with our children for vacation. If that is also your family, then also decide what would happen if your vacation went bad and everyone died. Now you have lost both parents and all your children.
All these topics are ones that no one wants to think about. I get the finality of it, but it truly is a gift to leave all your wishes written down on paper. Even as we age, we need to readdress our last set of intentions.
How do you handle a will when multiple children are the heirs.
Maybe you have one child that is a saver and another child spends everything they get their hands on.
Or maybe you have a child that has chosen a path for their life that is fiscally challenging.
Or in today’s world, you have a child that has gone through a divorce.
Many of these life paths can harm your finances.
Is there ever a time to leave one child more of an inheritance than another?
You have to think about what a will really is. This is your last statement to your loved ones. I would say strongly, don’t ever leave one heir more than another. My family unfortunately had this happen. All the four siblings were left different amounts of inheritance. This broke our family up for more than a decade. I would even say that even though the rebuilding has begun, I am not sure you can ever regain the time and fix the hurt feelings.
I would say unless your child is addicted to drugs or alcohol, then the will should be divided up equally.
Your will is not a time to show favorites or to try to send a message to someone. This is your last statement to your child about how you love them.
No one can ask you after you pass, why you did not take the time to fix your last statement to your heir.
They have so many questions that can destroy them.
Fix your will.
Fix it year after year if you have to so you get it right.
Don’t destroy your whole family because you got lazy.
This is not as hard as it seems.
Just think about it and get your ideas down on paper.
Do the work now so your family will thank you later.