It is common for Minnesota residents to struggle with how they should divide their estates. Families might worry because their children may have different needs. If everything is just divided equally among the kids, one child may be left worse off than another. If a child who has fewer means receives more, a sibling may be bitter.
People also want to pass their assets in such a way that they can preserve their family’s wealth to benefit multiple generations. However, most passed wealth quickly dissipates and doesn’t benefit more than one generation. Thankfully, there are ways that people can plan their estates so that family conflicts are avoided and wealth is preserved.
Some estate holders decide to incorporate three different ways of passing their assets — they are: fairly, equitably and equally. Estate holders might offer their children fair gifts such as paying for their higher education. Children who provide more help may be given an equitable share of assets that is higher than the others receive. The remaining assets may then be divided equally among the children. Parents should begin talking about finances when their children are young so that they can pass on their knowledge about handling money to successive generations.
Planning for an estate can be a difficult process. People who have questions about how they might divide their assets among their children might benefit by talking to an experienced attorney. Legal counsel could help a client draft estate planning documents in a way that addresses the family members’ unique needs and circumstances. With help, it may be possible to pass wealth to successive generations.