Maryland residents with children likely want to ensure that their kids receive a portion of their estates in the event of their deaths. Estate planning can help individuals detail their property division wishes by utilizing a will. However, dividing up assets may not be as simple as some individuals may hope, even if they want to just split everything evenly.
Because equal shares are often considered what is fair, going this route when determining inheritances is fairly common. However, it may be important to remember that not all assets have the same valuation. Therefore, individuals with farms or family businesses may wish to understand how dividing assets may not always turn out equal and fair.
Land and business valuations can fluctuate over time. As a result, if a person bases his or her inheritance division on the worth of the land or business at a certain point to balance out the division of other assets, what seems equal and fair at one point may not be fair in the future. Therefore, individuals may wish to discuss the possible inheritances with their family and plan for potential valuation changes.
If individuals do not take such factors into consideration while creating a will, they and their families could face complications later. Maryland residents looking to estate plan effectively may wish to discuss their concerns with experienced attorneys. These legal professionals can provide sound advice on possible division options as well as help parties consider certain aspects that may not have otherwise crossed their minds.
Source: Forbes, "Why Your Estate Plan May Divide Assets Equally, But Not Fairly", Mark Eghrari, April 30, 2017