Siblings who have had loving relationships can become embittered towards each other if one feels that Mom or Dad’s Will wasn’t fair when dividing up the estate. Some parents will completely disinherit one child. By doing so they’re guaranteeing that child will hold bitter memories towards that parent and the other family members. Instead, leave something to him or her and when doing so, don’t use hurtful language that will be remembered forever. If you really feel one child needs more than their brothers or sisters it’s better to leave a smaller but equal portion to all your children and put the rest of your estate in Trust. The Trust can then make distribution to the needier child with the permission of the other siblings. At some point in the future when the less fortunate child’s financial needs have lessened, the Trust can be distributed equally among the siblings. Naming one brother or sister to dole out money to the other is probably also a mistake. It’s better to split your estate equally and place the money in separate Trusts. The terms of the Trusts can be designed differently. For personal assets, make a list and ask each child to identify the top five items they want in order of preference. Use this as a guide for deciding who gets what item. Without this information you might mistakenly divide your assets according to each item’s monetary worth and disregard any emotional value. Doing it this way can help in reducing friction.
Decisions of an Executor Executors are given court authority to follow the terms of a will and properly distribute the assets in a deceased person’s estate. How well they carry out their duties could have significant impact on how much of the estate is preserved. If there is no executor or appointed administrator, then any person in actual or constructive possession of any property of the decedent has the power to make certain elections. This would include a trustee. When the final income tax return is filed for the decent, an executor or other responsible person may make certain elections that could dramatically impact...Read More
