When you are in the process of planning your estate, one of the most important things you will do is decide how to divide up your estate among your children. While initially this sounds very simple, it can actually be more complex than you imagined. Since you of course want to be fair to everyone, it is important that you take the following factors into consideration when creating your will, trusts, or other parts of your estate plan.

Everyone Gets an Equal Share

Obviously, the easiest approach to take is to set up your estate plan so that each of your children gets an equal share of your assets. If you are wanting to do this, it may be best to do so only if you feel each of your children is secure financially. Also, giving each of your children an equal share of your estate may help eliminate family feuds that may develop upon your passing.

Children Needing More Financial Help

While it is easy to give your kids an equal share of your estate, this may not be fair if you have one or more children who are in greater need of financial help. Whether one of your children has lost their job, has children of their own to support, or maybe has medical bills to pay, talk it over with your estate planning attorney about just which of your kids may need a bigger share of an inheritance.

Financially Responsible

Although you love your children, there may be one in particular who is not exactly great at being financially responsible. If you have a child such as this, you may want to set up a trust or will that contains specific instructions. For example, you could set up a trust that your child would gain access to only when they reach a certain age.

Continuing Support From the Other Parent

Finally, take into consideration whether any of your children will be receiving continuing financial support from your surviving spouse or other relatives after you pass away. If you know this will be the case, you may decide to give this child a lesser amount of money in your estate plan.

Since the decisions you make regarding your estate plan will impact your children and other family members for decades after you pass away, consider all available options when discussing your plans with an estate planning attorney. By doing so, you will arrive at a decision that gives you peace of mind and is fair to your children.

Author information: Anica Oaks is a professional content and copywriter who graduated from the University of San Francisco. She loves dogs, the ocean, and anything outdoor-related. She was raised in a big family, so she’s used to putting things to a vote. Also, cartwheels are her specialty.