Parents with more than one child usually strive to treat each child equally when they are young, but once your children reach adulthood and you are considering their inheritances in your estate planning, there are some circumstances when unequal treatment may be better for everyone:
Estate executors ? parents usually want to name all their children as co-executors of their estate to demonstrate equal trust.? However, this is rarely a good idea.? Instead, parents should choose the adult child who is best at handling financial responsibilities wisely and who has the skills to manage the estate.? If none of your children qualify, consider naming a professional Trustee, another family member or a trusted friend.
Special needs or Incapacity ? parents with special needs children have other estate planning options that will preserve assets for a special needs child without potentially disqualifying them for important governmental benefits.? Also, if you have an adult child with substance abuse or dire financial problems, establishing a trust and naming a Trustee to oversee distributions may be a better option to preserve assets for their benefit.
Gifting ? giving assets outright to children with creditor issues or substance abuse problems could exacerbate those problems.? If gifts are needed to pay for an education or medical expenses, parents can pay the appropriate organizations directly for the benefit of the child.? A trust can also be established to equalize gifts to all your children.
An experienced Maryland estate planning attorney can help you understand all your options for estate planning.? Experienced Estate Planning Attorneys Linda T. Cox and Seth B. Zirkle can discuss all your options and create a plan with you.? Call Ms. Cox or Mr. Zirkle at Hyatt & Weber, P.A. today at 410-505-4553.
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