Can You Leave Unequal Inheritances to Your Children in Virginia?
One misconception about heirs inheriting property is that it should always be distributed equally among all the parents’ children. In many cases, this is a sensible approach. Yet equal distribution is not always necessary, since a parent may have valid reasons to give one heir more than another.
The good news is that, in Virginia, a parent can usually distribute their property unequally among their children in an estate plan. Yet confusion and potential conflicts can arise after the parent passes away.
Why might a parent leave unequal inheritances?
Many factors can lead a parent to reject an equal-share arrangement. A child might have devoted years of service or financial aid to the parent. A child might also have received financial aid during the parent’s lifetime, such as funding for housing or business ventures.
A parent can also consider each child’s unique financial situation. One child may be well-off while another requires more aid. A child with a disability may benefit from a plan where the assets from the estate are placed in a special or supplemental needs trust instead of directly distributed.
Family relationships can also factor into estate planning decisions. A parent may want to give very little to an estranged child who has moved out.
Unequal inheritances can lead to estate disputes
Even if the parent had reasons for the disparity, the children might not know them after the parent’s death.
Inheritance in unequal shares can cause suspicion. One child may believe that the parent was improperly influenced by another party. There may also be issues regarding the parent’s competence when signing the will. The situation could lead to will contests.
This does not mean the only way for parents to distribute an inheritance without dispute is equally. This simply shows that, in cases of disparity, proper planning may be useful.
Consider the entire estate plan
A will is not the only way to identify who inherits property. In some cases, property is inherited via beneficiary designation, joint tenancy, payable on death, and trust.
Consider a situation where a parent divides their property equally but names only one child as a beneficiary of a large bank account. The outcome would likely differ from what the parent intended.
People should evaluate their overall estate plans.
Should you explain unequal distribution?
The question of whether to talk about an unequal distribution of your property to your children while you are still alive is a matter of choice. While an explanation may lessen future misunderstandings for some, it could cause immediate conflict for others.
An estate planning lawyer can also assist in documenting your intentions and drafting your estate plan in a manner that reflects your intentions.
Talk to a Virginia Beach, VA, Elder Law Attorney Today
The Law Office of Angela N. Manz represents the interests of Virginia Beach residents who want to establish an estate plan. Call our Virginia Beach estate planning lawyers today to schedule an appointment, and we can begin discussing your goals right away.