Many people steer clear of the estate planning process simply because they prefer not to discuss topics related to death. However, estate planning is one of the most important processes to complete. It is also one of the most complicated. The question that many people in Florida and other states have during estate planning is how they should divvy up the assets they plan to pass to the next generation.
Some people believe it is fair to pass on equal shares to every child, but others believe there are exceptions to this rule for certain situations. One of these situations is that of a blended family. When people get divorced and remarried, it is important for them to discuss in detail exactly how they wish to divide their estates, with the methods chosen not always necessarily resulting in equal shares.
Yet another familial situation that might warrant unequal bequests is one in which an adult or child has special psychological or physical needs. This category includes behavioral disorders and, for instance, drug or alcohol abuse. A bigger percentage of one’s estate may be focused on caring for the child with special needs or, perhaps, his or her portion may be put in a trust to provide for his or her welfare in the future.
Decisions about how to pass on one’s assets to a future generation are best to make with proper legal guidance. An attorney can easily create a will as well as assist with other documents that affect the bequests. With an applied understanding of the law in Florida, people can ensure that their wishes are followed and that their loved ones’ best interests are upheld through considered estate planning.
Source: cincinnati.com, “Tough task: Dividing assets after a death“, J. Brendan Ryan, May 18, 2016