There is no legal obligation to divide your assets equally when writing an estate plan. The manner of your division strategy is generally up to you, unless you’re married. In this case, your spouse may have rights under Virginia law, such as an elective share, that can limit how much you can leave to others. Also, some assets, such as jointly owned property or accounts with named beneficiaries, may pass outside your will.
Unequal bequests have grown more common over the years, and they are certainly an option. That being said, it is important to set realistic expectations for your beneficiaries. Many people do assume that their estate plan bequests will be relatively equal.
One problem with unequal distributions, then, is that they can sometimes lead to estate disputes. If a person has two adult children who have both assumed that they would receive half of their parents’ estate, but the reality is that 75% went to one beneficiary and just 25% to the other, it can stir up resentment, distrust and even allegations of undue influence.
How can you avoid these conflicts?
One way to potentially avoid conflicts over unequal distributions is to sit down with beneficiaries and have a conversation in advance. This gives you a chance to explain your reasoning. If they have questions about what you have decided, you can have that conversation so that they are not surprised to find out what they are inheriting after you pass away.
This does not necessarily mean that they will be happy with those decisions. But they will at least know that you did genuinely make those decisions yourself and that the estate plan does reflect what you wanted. This can reduce the risk of disputes, including claims that someone pressured you or influenced your decisions to alter your estate plan in their favor.
Whether your goal is to leave equal, equitable or another balance to your kids, it is important to think about the impact your estate plan is going to have on your family. As you get your plan in place, take the time to carefully look into all of the legal options you have and the steps you will need to take. Seeking legal guidance is generally a great way to start.