In situations where parents have more than one child or loved one, it can be difficult to decide how much you help each one.
If one has already received more help financially than the other, do you still split any future inheritance equally or do they receive a lower final amount to compensate for the help? What if one is better off financially than the other, do you still want to split an inheritance equally?
These are all difficult questions with no right or wrong answer, but it’s useful to think about them to help you plan what works best for your family.
Having a family conversation as early as possible can help iron out any future issues and help with your planning.
If you haven’t already done so, creating a will may be a good way to clearly distinguish how each loved one is helped. It will also help avoid any arguments or legal challenges about your estate.
We’ve partnered with nudge to provide more information on the importance of making a will and what happens if you don’t.