Your estate plan may be your last words to those you leave behind. If you’re a parent, you should think carefully about the message you’ll be sending.
Parents who leave their children unequal inheritances risk fueling family feuds. But strictly equal bequests also can cause resentment if the heirs don’t see the distribution as fair.
“Money can cause family discord, and you want to make sure that you are thinking through this and keeping sibling relationships intact,” says Colleen Carcone, co-author of “Principles of Estate Planning” and a wealth planning specialist at TIAA.
In my latest for the Associated Press, learn how to define “fair” when it comes to your kids’ inheritance.