IS EQUAL DISTRIBUTION OF ESTATE INHERITANCE PROBLEM-FREE?

Equality is equity, as some of us may have heard from well-intended advisors. In many families, this is often the de facto distribution matrix when parents choose to pass on their inheritance to their children. Such decisions likely stem from parents wanting to subconsciously communicate that they love all their children equally and do not prefer one over another.

Nevertheless, life is seldom as straightforward as this, as inevitably no two children are alike even if they have been brought up in the same household. So then what exactly should be one's concern? When an inherited property is transferred to children in equal shares, every parent needs to be aware that the inheritance will need more attention even after lawyers have completed the transfer. Typically, decisions have to be made (a) as to who will occupy and use the property, (b) how the cost of maintaining it is to be borne, and (c) at some point in time, when and how much to sell the property for. Will there always be consensus and agreement between siblings on these matters? All parents will hope so, but will it not be better not to leave this to chance?

A case in point to illustrate the reality of sibling disputes post-inheritance can be seen in this article: https://shorturl.at/pYZYN

For this reason, a professional Will writer will seek to address the possibility of ensuring such future disputes and friction are not inadvertently created by their parents' well-intended intentions to ensure the future prosperity and harmony of siblings. If you have already written your Will using just the simple distribution matrix of dividing property equally among your children, then perhaps, during the update of your Will, such concerns can be addressed.

We at Generations-ASIA have possible solutions and special clauses in our drafted Wills that deal with these concerns. Get in touch with us today and let us assist you in writing a better Will or simply 'upgrade' your existing Will to secure your family's future harmony and not just their prosperity.