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by denton-scratch
1638 days ago
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I've done this. I made a will in favour of my two kids; and lasting powers of attorney, to cover the eventuality that I become mentally incompetent, but fail to pop my socks. The will is scrupulously fair - straight 50:50 split, no special provision for need or whatever. Both kids are named as executors. I bung them some money from time to time, especially if one of them is in need. I always give them both the same amount, even if the other isn't in need. My hope is that they won't fall out over my legacy. I don't think they will. Greedy, grasping offspring is a thing. I have friends who have that problem. They don't care to spend time with their offspring, because of tedious conversations about money. I'm so glad I don't have that problem. My kids never ask me for money, even if I invite them to ("Are you OK for money?") I never asked my parents for money either - I didn't want to feel beholden to them. |
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IMO problems between honest people arise when an estate drags out due to large non-monetary assets like houses, causing legitimate differences in opinion. If they both just want to sell it, that's easy. When one wants to keep it to live in, or if there is a lot of land and someone wants to subdivide to get more money, then you get into arguments. Or other intangibles like if one of them ends up spending a lot of time personally taking care of you, what's that worth post facto.
FWIW I don't know how the probate process is in your state, but you could look into a living trust to keep the process easier and more private. States that have adopted the uniform probate code are pretty straightforward, but ones that haven't can get somewhat tedious even for uncontested estates (eg publishing a list of all your assets in the public record).
TBH you probably have a gut feeling of whether your kids will work together or argue, and if you want to head off problems the only way is to talk about it ahead of time and plan for the things that will cause friction.