It never hurts to plan for a rainy day. With this in mind, it’s important to know how to divide the inheritance between siblings if you’re the executor of an estate. When someone dies, the people they named in their will are legally responsible for distributing the assets left behind according to that person’s last wishes.
If you’re looking for a probate lawyer in Brooklyn, connect with Ledwidge & Associates.
The process isn’t always easy, but with these tips and suggestions for dividing inheritance between siblings, you can rest easier knowing that everything is being handled properly and fairly.
1. What is the purpose of dividing inheritance?
Inheritance is the distribution of assets from one person to the next at the time of death. The purpose of dividing inheritance between siblings is to even out the financial value left by the parents. The wealth that one sibling inherits from their parents may not be enough to support their lifestyle. While another sibling might have a lot of money, their needs can also not be met with their share.
In this case, it’s better to divide the inheritance between siblings. It ensures that each sibling gets a fair share and has similar opportunities to use it.
2. How do you start your inheritance division process?
There are many things to consider when you’re dividing your assets among your children, including tax implications, asset protection and overall fairness. In addition to the family dynamics, there are financial considerations to weigh—specifically your estate plan.
The steps involved in the division of an estate involve the preparation of the decedent’s will, the appointment of an executor, inventorying the assets, and finally, the distribution of those assets according to a well-executed estate plan.
3. Inheritance plan
There are three different phases when it comes to an inheritance plan. First, each generation of the family will have its plan, beginning with the oldest generation and ending with the youngest. Second, there’s a separate plan for each individual. And third, there’s a plan for a blended family that includes step-children and other non-biological children.
4. Phases of an estate plan
There are three phases of an estate plan.
Probate – This is the process where you hand off your assets and accounts to your beneficiaries through a probate lawyer in the court system.
Administration – The best way to ensure that you have a chance at keeping your estate plan on track is to choose someone who can handle the responsibility of managing the assets your loved one wanted you to have.
Trust Administration – In the third phase of an estate plan, you will be dealing with the specifics of trust administration. The last step in administering a trust is to distribute the trust assets according to the instructions in the trust document.
If you happen to have a sibling, there may be a situation where you’ll need to divide your inheritance with them. With the right steps and guidance, dividing your property with your siblings can be an easy process. If you or someone you know is dealing with a shared property division, contact our Litigation lawyer Brooklyn or Family Lawyer Brooklyn today for more information on estate planning Brooklyn. We’re here to help!
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