Florida estate planning may involve splitting heirs

When someone writing an estate plan has more than one beneficiary, it can prove to be a challenge on how to divide assets equally among them. For Florida residents who are thinking about estate planning, they should know there is a way to think about who should get what, especially when it comes to children. There are times when the word equal doesn’t quite fit the family’s personal situation.

For instance, if one child has special needs, that child is likely going to need more to see to his or her care. Along the same lines, if one child has contributed more to the dynamic by looking after elderly parents, perhaps that child stands to inherit a little more as well. It all depends upon each unique situation. Parents may also decide to give more to a child who has been less financially successful than another. In any case, communication about these issues is key to ultimately maintaining peace in the family.

There are two means by which an estate can be divided: per stirpes and per capita. Per stirpes means each family branch gets an equal portion of the estate while per capita means every heir gets an equal share. This can all seem very complicated to the average person planning his or her estate.

A Florida attorney may be able to suggest which scenario makes more sense to his or her individual clients. The family dynamic comes into play and a lawyer may be able to clarify how the estate could be split among heirs. The lawyer is there to offers suggestions in keeping with the letter of estate planning laws.