In a perfect world, parents remain healthy for an extended period of time, siblings pitch in to take care of their parents, all of the siblings get along with each other and each of the siblings is a responsible individual. In reality, this is not always the case. Thus, as Texas parents are deciding on what inheritance to leave for each of their children, there are a variety of issues that need to be considered.
Some parents decide that leaving an equal share to each child is appropriate, and in many cases, it is. This way, each sibling receives approximately the same value of assets and perhaps a similar number of family mementos. Parents often look at this option as a way to keep family harmony and avoid hard feelings among the children.
However, there are times when this approach may not be appropriate. In some cases, one or more of the children may have already received significant monetary gifts or items of value from the parents. In other cases, not all of the siblings assist in helping out with the day-to-day aspects of caring for their aging parents. Then, there are also situations in which one or more of the children may have problems that cause concern. In these cases, the parents may deem it best to divide their estate in unequal portions.
When it comes to estate planning and Texas parents determining what inheritance to leave to their children, fair does not always mean equal. When deciding how to best divide their estate, the parents will want to discuss their options with legal counsel. Then, it may be advantageous to go ahead and address these issues with the children.