Mothers Face Challenges in Estate Planning

Children Holding Hands on School Playground

How do you treat your children equally, yet recognize they have different needs?

Most mothers know how important it is to treat their children equally and not to show favoritism, because it often sparks misunderstandings and conflict. However, mothers also usually recognize that individual children have different needs and those values can come into conflict when mothers plan their estates, according to Market Watch in “How should a mother provide for her children in her will?“

The problems can result from the fact that children often have much different needs and abilities to meet those needs. One adult child might have steady employment and a good retirement plan, while another child might have less secure employment and less savings. This disparity in achievement and wealth accumulation may be due to a variety of reasons.

For example, the child with less, may simply have chosen a different career path. The mother might be tempted to give more to a less financially secure child in an estate plan.  However, they risk angering the more secure child.

There are ways around this dilemma. Mothers can develop equitable estate plans that give different amounts to children.  However, they need to make sure to communicate with their children the reasons for doing so.

An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances and may involve multiple children with different needs.

Reference: Market Watch (May 12, 2018) “How should a mother provide for her children in her will?“