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Would you alter your will if one child became wealthier?
Posted on 4/15/24 at 8:13 pm
Posted on 4/15/24 at 8:13 pm
I'm assuming most people setup their will to equally distribute their assets among their children.
Of course, there may be others listed in a will, but generally when it comes to the kids, typically funds are distributed as equally as possible.
However, let's assume you have 2 children, both more or less successful and making it fine in their own lives.
Now, let's hypothesize that one of your children comes into a decent amount of wealth, for example inheriting a large sum from his in-laws.
Would you now go alter your will to give less to the now wealthy one to provide a more equitable result for your children or just leave as is with equal distributions?
Of course, there may be others listed in a will, but generally when it comes to the kids, typically funds are distributed as equally as possible.
However, let's assume you have 2 children, both more or less successful and making it fine in their own lives.
Now, let's hypothesize that one of your children comes into a decent amount of wealth, for example inheriting a large sum from his in-laws.
Would you now go alter your will to give less to the now wealthy one to provide a more equitable result for your children or just leave as is with equal distributions?
This post was edited on 4/15/24 at 8:20 pm
33
Posted on 4/15/24 at 8:15 pm to East Coast Band
Maybe a bit of an offset but probably not drastically.
Posted on 4/15/24 at 8:15 pm to East Coast Band
So you want to piss off one and cause a terrible rift?
Posted on 4/15/24 at 8:17 pm to East Coast Band
I probably would. My kids are under 5 years old so I haven't really thought about it until now.
Hopefully I will raise them to want the best for each other, if one of them is very successful, it should be a no-brainer for them to want to improve the life of the other. Definitely something I would bring up ahead of time with the more successful one, so they're not blind-sided.
Hopefully I will raise them to want the best for each other, if one of them is very successful, it should be a no-brainer for them to want to improve the life of the other. Definitely something I would bring up ahead of time with the more successful one, so they're not blind-sided.
Posted on 4/15/24 at 8:17 pm to East Coast Band
I wouldn't punish one of my children for marrying up. No.
Posted on 4/15/24 at 8:20 pm to East Coast Band
My stripper/truck driver sister is getting an equal share, but it will be in a trust that I control. My other sister and I will inherit the real estate together. Stripper/truck driver already has a drunk driving wreck, three kids by three guys, tats everywhere, including neck, etc. No way I want my assets tied to her.
Posted on 4/15/24 at 8:22 pm to East Coast Band
quote:
provide a more equitable result
I'm not black so I don't understand how equity works.
Posted on 4/15/24 at 8:23 pm to East Coast Band
Nope.
Posted on 4/15/24 at 8:24 pm to East Coast Band
Is this a Prodigal Son troll?
Posted on 4/15/24 at 8:26 pm to East Coast Band
Probably not. My dad is dealing with this now. My 2 siblings are fairly wealthy. They both have more money than he does.
My wife and I are just normal upper-middle class. His will is evenly split, or as close as possible. I'd probably do the same.
My wife and I are just normal upper-middle class. His will is evenly split, or as close as possible. I'd probably do the same.
This post was edited on 4/15/24 at 8:31 pm
Posted on 4/15/24 at 8:29 pm to East Coast Band
Go with equal distributions.
There are lots of things that families can resent one another for.
Why would a parent want to be a cause?
There are lots of things that families can resent one another for.
Why would a parent want to be a cause?
Posted on 4/15/24 at 8:29 pm to East Coast Band
My wife’s the executor of my dad and stepmoms estate, we’ll make more than my siblings but we’ll get more than them. Mostly because we’re not financially irresponsible, I’ve never been to rehab, and don’t call asking for money every so often.
Posted on 4/15/24 at 8:29 pm to East Coast Band
Absolutely.
Money is means, not love.
If one offspring were wealthy, why even bother them with the trouble with the paper work? Unless the other kids are total losers, it's not a big deal.
But it would depend on the family and what that meant. If the wealthy kid were kind and the others were terrible, then leave them the money.
I am hoping for a Succession style death where the kids put stickers on the things they want because I'm so emotionally damaged.
Money is means, not love.
If one offspring were wealthy, why even bother them with the trouble with the paper work? Unless the other kids are total losers, it's not a big deal.
But it would depend on the family and what that meant. If the wealthy kid were kind and the others were terrible, then leave them the money.
I am hoping for a Succession style death where the kids put stickers on the things they want because I'm so emotionally damaged.
Posted on 4/15/24 at 8:30 pm to East Coast Band
No
Posted on 4/15/24 at 8:41 pm to East Coast Band
I’ve thought about this before - personally I’d probably keep it pretty evenly split. No way to make things perfect, so it may skew to the kid who doesn’t have as much but would try to keep it close. This all assumes that we have good relations with both kids and they’re both in there own, established and check in us ha. If one is a bum and has consistently mooched there while life than I’d probably give it to the kid who didn’t do that.
Posted on 4/15/24 at 8:46 pm to East Coast Band
I sure hope my parents do !
Posted on 4/15/24 at 8:53 pm to East Coast Band
Terrible idea. Sounds like a great way to cause major family fighting after your death
Posted on 4/15/24 at 9:15 pm to East Coast Band
Talk it out with the kids and talk yo the one that stands to get less first. If they are reasonably well adjusted, it should be fine.
Posted on 4/15/24 at 9:26 pm to East Coast Band
quote:
Would you alter your will if one child became wealthier?
Absolutely not
All kids get an even share, or cut out completely if they are undeserving
Posted on 4/15/24 at 9:31 pm to East Coast Band
My goal in life is the have the last check i ever write bounce.
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