Once you and any other parents are gone, all your children may have left is one another. For many Pennsylvania residents working on their estate plans, figuring out how to leave assets behind to siblings without causing strife between or among them is an important goal. If you are among those looking for ways to reduce the chances of inheritance conflicts arising among your kids after your death, you may be able to use certain estate planning tools to accomplish this.
According to AARP, the following tactics may help you leave a legacy behind for your loved ones without that legacy driving a wedge between them.
Divide your estate equally
Often, leaving children unequal amounts leads to more trouble than it is worth. If you have a child who is less responsible or more likely to blow an inheritance than the others, you may be able to leave assets for that child in a trust. Certain types of trusts allow you to make certain stipulations, so you may be able to leave spendthrift child assets on a conditional basis, rather than make unequal distributions.
Tell your kids about your plans
You may also be able to prevent future disagreements between or among your children by giving everyone an idea of what they may inherit. Of course, the amount may change based on how long you live, where you live as you age and so on. However, some kids have overinflated senses of what they stand to inherit, and disappointment may give way to disagreements.
When it comes to reducing inheritance conflict within your family, it pays to over-communicate. The more your children know about your plans, the less likely they may be to come after one another after your death.