How do u handle wanting to give one child more inheritance

I'm glad I don't have kids. I have a will but don't really care what happens when I;m in the ground. It all goes to my parents. Likely I will survive them so it goes to my only niece. I'm certain my siblings will try to steal it.

 

@justine77 - Have you considered using the 'binding death nomination' in your super?

This circumvents the will for any money in super (possibly including the insurance payout).

Split the will equally and use a binding nomination for super to balance out the difference .

Linky

 

Split evenly. If you also want to set up a special amount to cover medical bills, that could be something you discuss with your children. Don't forget that one or more of the other children will be closely involved in your child's life, which is surely how you want it. You will need to treat them fairly and respect the fact that these 'special needs' have affected their lives too.
Be careful not to make the siblings wrong and don't let anyone else blame them for the fact your child has special needs.
Speaking from first hand experience, money is not generally a huge issue with special needs these days, especially with NDIS.
Maybe you just wanted to start a thread but don't bring your children down or let anyone else do that to them.

 

Can an inheritance be disputed post death if the assets were given away prior to your death?

 

Which one is the best at making money ?
If it is the one who does not need it maybe give it all to them (as trustee for a trust that can look after the whole family )
That will give the best result for everyone ...no point in giving it to someone who will lose the lot in second

 

Giving full control of the whole estate to one sibling seems a recipe for disaster.
One person to make all the decisions and dole out funds as he/she deems appropriate will lead to all sorts of disagreements.
Marg

 

Almost sounds like one is better off spending all of it and letting the kids bond together over hating them because no inheritance was left behind.

 

Well that is what we are doing now
We made (wisely ) the money
Over the years we carefully managed it
We grew the investment better than the average person
To make "golden goose" to continue to lay "golden eggs" we need to hand it to the most capable sibling to continue to make it grow wisely otherwise the whole wealth will disappear
The pie will be larger and more can be distributed .....perhaps you should tell your siblings now while you are still alive the very logical reason for your decision

 

Just remember - no matter how hard you try - you cannot control anything once you're dead.

 

Monthly seance?

 

thank you for many well thought out advice including to talk to siblings one on one about it. i guess i'm concerned that children will have housing in their life and cope. some are doing better and should be ok, others its tougher and one option is to prioritise inheritance for housing for that child or children so they can have a chance of coping .

 

If that's the case, they may try and shovel it sooner than you think

 

Could do it Warren Buffett style, and leave the family with nothing.

 

A few on here can probably give you better advice on this - where they have seen grandparent's inheritance go to grandchildren who are struggling, only to have them waste the lot and continue struggling ... including one who encouraged their child to buy an IP with the money they inherited, which led to resentment by the grandchild that they were "forced" into a house they didn't want, the grandchild sold the positively geared house and then rapidly frittered away any leftover money.

I feel that if someone is struggling with money, it's because of their inability to understand how money works - or they simply don't care and want instant gratification of what money can give them. Something like 70% of all lottery winners are back in the same situation (or worse off) than before their winnings, within the space of 5 years.

Giving the struggling one more will not necessarily make their life easier, and might in fact make it worse - and penalising the one's who have done well through their own sacrifice and hard work will only cause incurable discord.

disclaimer: if the child is suffering from, or born with, some illness that was not of their own doing, then by all means give them more - but do it while you're still alive so you can see them settled and are able to guide them

 

I don't separate illness into 'own doing' or not. If someone's liver is crap it matters little to me whether it was pickled by booze or some other disease...

Most people have an idea that charitable giving happens after death. Give now.

 

I have 2 brothers and 2 sisters. 2 of us have done well. 2 have not done well. The will does not divide assets evenly and I don't think it should. It's my parents money to choose what to do with. And I want to make sure my siblings get looked after. This has been discussed with all the children and all agree.

 

Yes discuss and take steps to effect your wishes in advance. Lest the estate be eaten away by bickering by poor and hasty decision making

 

My mum still financially supports my middle aged sisters. One has been disabled for a few years and the other one has never held a full time job. My mum Has told me she has left more of her super to them so she hopes when the rest of her stuff is divided my sisters are kind to me. 34/34/32. Apperently she couldn’t do fractions to make it equal and I was last born so got less.

I’ll be doing 50/50 with my kids no matter what.

 

this is a issue in my family as i have a brother thats in his 30's and never held a full-time job, lives in a house that my mum owns (and pays no rent. she even pays all his bills).

 

I would agree...inheritance is not centrelink and welfare..it's shouldn't be means tested..but anyway...it's a very personal decision and different for everyone.