Parents often struggle with the complexities of dividing their assets equitably among their children when planning their estate. While the goal of fair distribution seems simple, achieving it can be challenging and requires careful consideration. A will alone may not be enough to guarantee a fair outcome, as various factors can influence the final distribution. Understanding these nuances is crucial for parents to ensure their assets are divided according to their wishes. Please continue reading as we explore your options for dividing your estate fairly among your children in Iowa and why connecting with a seasoned Des Moines Estate Planning Lawyer is in your best interest during these difficult times.
Is It Possible to Divide Assets Evenly Among My Children?
First and foremost, it’s crucial to distinguish between “equitable” and “equal” distribution. Equal distribution refers to dividing assets in identical proportions among all inheritors. Equitable distribution, on the other hand, takes into account individual circumstances and needs, which may result in a division that is fair but not necessarily equal. For example, a child with special needs may receive a larger share of the estate to ensure their well-being or if one child is involved in the family business, they may be given the business outright. However, some inheritors may feel slighted if they receive less than others. When estate planning, you may opt to divide assets evenly among your children to minimize conflict and disagreements.
It’s important to note that distributing assets equally can be challenging due to fluctuations in their value over time. To address this issue, you can hire an appraiser to assess the worth of your assets, enabling you to allocate them equitably among your children. This can help you ensure that each child receives assets of equal value. Alternatively, you can sell and divide. This approach involves liquidating your assets and the proceeds being divided equally among beneficiaries.
Do I Need a Lawyer if I Choose Equal Distribution?
While it may seem straightforward to divide your assets equally among your children, creating a legally sound will that accurately reflects your wishes and protects your beneficiaries can be a complex process, Estate planning involves various conditions that go beyond asset distribution. Without proper guidance, your will or trust may not be legally valid, or it may not adequately address your specific needs. An experienced attorney can guide you through the process and help you minimize any necessary burdens on your heirs.
Don’t underestimate the complexities of estate planning. If you are ready to secure your legacy, it’s in your best interest to contact an attorney from Herting Law, PLLC, to discuss your legal options. Connect with our firm today for guidance and skilled representation during these tough times.
