It's time to take care of your estate planning. If coming to a decision about how to divide your assets has you in a quandary, it might be time to take a step back. This is particularly true if you're worried that sibling rivalry will lead to hurt feelings after you're gone. With some careful planning, sibling rivalry can be avoided. Here are four suggestions for taking the rivalry out of the asset division after your gone.
Sell it All
If your kids can't agree about anything, and you're concerned about sibling rivalry during the division of your personal property, take the property out of the equation. Sell all of your property that you think your kids will fight over and place the proceeds from the sale in a trust fund. Once you've passed away, the trust can be divided evenly amongst your children. That way, they'll each get exactly the same amount, which will eliminate the rivalry.
Gift It Early
If there are items that you know your children will want, gift those items early. Make the gifting special by scheduling dates with each of your kids. During the scheduled date, give your children the items you've chosen for them. Make each moment special by explaining the sentiment behind each gift. Your children will be left with a treasured item of yours, as well as a special moment that they were able to share with you.
Let Them Choose
If your kids have made it clear that there are certain items they want, but you're not ready to let go of your belongings just yet, arrange to have your kids come by and mark the items they want. Place a small post-it note on the bottom of each item they choose. If an item receives multiple requests, place names in a hat and have a disinterested third-party individual draw names.
Hire an Attorney
If you need help planning your estate, sit down with an attorney. This is especially important if you know that your children aren't going to come together amicably after you pass. An attorney will be able to help you create an estate plan that will ensure that your wishes are carried out after you're gone.
Planning for your passing can be difficult. Sibling rivalry among your children can make the process even more difficult. If you're having a hard time planning your estate, use the simple tips provided above to help you alleviate some of the stress. For questions or concerns about your estate, be sure to consult with a family law attorney, like one from O'Brien and Dekker Attorneys at Law.