Losing a parent is hard, even when he or she has lived a long, full life. Emotions run high immediately after a parent dies, and life may never be quite the same again. However, for those adult children who learn that they didn't receive as much of an inheritance as their brother or sister, then other emotions can begin to crop up.
One of the more difficult dilemmas for parents when making out their wills is whether or not to leave the same amount of cash and assets to each child. In a perfect world, the answer would be unequivocally, yes.
If you need a good reason to update your will or other estate planning documents, look no further than the battle currently embroiling a late businessman's wife and his children from our neighboring Maryland. The businessman may have left substantial assets when he passed away some months ago, but his widowed wife's portrayal of his estate does not seem to match the picture that his children presented of his finances after his death.
Most people never have to worry about a will being challenged. Almost all families are able to work through any possible issues and allow the will to pass through the probate process without any problems.
When your loved one passes away, you might be ready to get the will read so that you can get everything finalized. In some cases, the will might not contain the information that people think it will contain. This realization could lead to someone contesting the will.
As you are developing an estate plan, there are many questions that will come up. If you have adult children, the questions that you might struggle with the most are those that revolve around what each child should get. This is often something that can lead to serious disputes down the road.
If you are in the process of creating an estate plan, or if you have already have one, deciding on how you will distribute money among beneficiaries can be a daunting task. After all, leaving a legacy is one of the most important things a person can do for his or her family. With many baby boomers poised to leave more than $30 trillion to heirs over the next 30 years, is a good problem to have.