It is common for beneficiaries to assume that an estate plan will be written equally for all of them. Siblings may assume they will all get an equal portion of their parents’ financial assets, for example. If their parents are going to be leaving a home or other real estate property behind, siblings assume that they will all get an equal ownership share and become joint owners.
It would certainly be possible to write your estate plan this way if you want to, but are you obligated to do so? Does the plan have to treat everyone equally?
Unequal bequests have grown more common
You are certainly not obligated to make an equal estate plan, and some research suggests that unequal bequests have become more common in recent decades. People put more thought into how they want to split up their assets, such as leaving more assets to a beneficiary with a greater financial need or disinheriting a potential beneficiary with whom they have become estranged.
One of the main things to consider when drafting your estate plan, though, is that disputes are more common with unequal bequests. This is especially true because, as noted above, beneficiaries may assume that the plan will look much different than it really does. To avoid these disputes, it may be wise to use equal bequests or to have in-depth conversations with beneficiaries in advance to explain why things will not be equal and prevent some of these disputes before they even begin.
Drafting your plan
If you are interested in writing an estate plan this year, make sure you take the time to carefully consider all of your legal options.