When you have multiple children, estate planning can become more complex. If you are like most parents, you do not want your children to argue or fight over their inheritance. Without a plan in place, your children may be the ones who divide your assets. While it is simpler when the adult children have a good relationship, the stress can put tension on even close relationships.
AARP suggests that older adults prepare their adult children for asset division.
Plan to discuss your decisions
Do not leave your children in the dark. Surprises can lead to fighting after your death. Siblings may quarrel about what you wanted. If you never spoke to any of them about your plan, then they will use their ideas to argue. They may even accuse one another of pressuring you into certain decisions.
Treat the plan like a business
To treat your estate plan as a business may be difficult at first. If you die with no plan in place or if you fall ill and one child takes control of your health and finances, he or she could become a target for the other children. For instance, if you have a child in the medical field and he or she becomes your caregiver, his or her siblings may make false allegations. If you have a clear plan and discuss it openly with your children, they are less likely to fight about it. In a business, you would have rules in place for who has what responsibility and who has control over certain assets. Think about who is most responsible in specific situations.