Hi everyone! I’m in a bit of a dilemma and I wanted some feedback to see if maybe others had a perspective that could help straighten everything out for me.
We’re going to see an attorney next week to file a will in case my husband and I die at the same time or close enough before another will can be filed. And we will die one day. Probably not at the same time because we usually avoid each other as much as possible, but there is still a chance. Very morbid, I know. I don’t really think about it very much.
Basically, we’re trying to figure out how to treat the children fairly in the event that we both die at the same time. Let’s say TOMORROW to be very morbid. (Because if circumstances change significantly later, of course we would adjust for that in our will).
The children are:
One daughter, 11 years old – Has 1 father + 1 mother as parental figures.
One son, 21 years old – Has 1 father + 1 mother + 1 stepmother as parental figures. Already has a college education paid off and 1 vehicle fully titled.
The easiest option is to split my husband and I’s assets equally between the 2 children, 50/50. The only dilemma is that the son will additionally be the sole beneficiary of his mother’s assets as she is not remarried and has no other children. The daughter will have no other inheritances.
The son is already “spending” the inheritance that he is expecting from his mother, by telling us that he plans to use it as a down payment on a house (or to pay off a house) and for travelling. Which is fine and none of our business really.
Just, the daughter won’t be included in any of that.
Also, the mother is in ok health and there is no reason to expect her to pass anytime soon.
So what would you all consider to be fair in this scenario? The 50/50 split knowing that the son will also have future opportunities for inheritance? Or an unequal split to help compensate the daughter for NOT having a similar future opportunity?
I don’t know, what do you all think would be fair? And this is just using the information we have TODAY and if we die very soon. Because if life events change significantly, yes we would accommodate that.
Would love to hear your thoughts on this.