How should we divide assets from home among our 4 children and step-children?
We have a small home and want to know how most people distribute assets upon their deaths. Should 50% go to my child and the other 50% to his children to be split up three ways? Or should assets be split up equally 4 ways? Our children are all adults. We bought this home together. Thank you.
Split equally 4 ways. True, your child is his stepchild, and his are your stepchildren.but in all fairness, when you married, 'his' and 'yours' became 'ours'.
this is just my opinion... if you bought the house together, then all kids should have equal share.
I do a lot of probate work and no one 'deserves' assets, but what I commonly see as a lawyer is an equal division of property acquired during the marriage. I do live in a community property state, however. A typical Will for a couple like you would be for the spouse to be the 1st beneficiary and then the assets acquired before marriage go to the children of the prior marriage only. The property acquired during marriage would go equally to the children of both spouses. There certainly is no rule on division of assets, but that is the most common distribution that my clients typically use unless a child has special needs. It is appropriate to consider the needs of the children, however. If one child has disabilities or one child is financially less healthy simply because his/her occupation pays less (like one child is a teacher and another is a doctor), that's an appropriate consideration. if you do not have that concern, I'd suggest an equal distribution since this asset is a marital asset.
split them up evenly between the 4 of them-if you split t 50/50 and have the kids divide from there, it could cause issues-i saw it happen with my husband and his sister
Spend your inheritance before you die and let the kids pay for the funeral. They owe you..
All four children should have an equal share...when you marry a man you marry his children as well.
SELL THE HOME or if you want to keep control until you die
make a will and have all property real and personal sold and divide the cash
You will save all the aggravation of the survivors who you want to remember.
Specify how you want the cash divided Name everyone
and leave at least 1 dollar to every one
Any PERSONAL items you have should go to YOUR children--any PERSONAL items your spouse has should go to his children... the house? if you want the house to stay in the family, leave the house to the child most in NEED of a house--who would benefit MOST from the house OR, the only other thing would be to have the executor SELL the house and divide the money equally between all 4 children...Whatever you decide, you MUST sit all 4 kids down TOGETHER and tell them ALL what you plan to put in your wills so that there will be NO fighting after the fact... and if they have any problem with your decisions, they can speak up NOW while you are all still alive and together. My parents are in your situation... but live 3000 miles from any of my MOTHER's Children---my stepfather's children all live near them... they already turned over the house in a REVERSE MORTGAGE to my stepfather's 2 daughters and I guess since HIS children are all out there--THEY will get everything including my own mother's personal affects. But I don't really mind that because his girls have been REALLY great to my mother for the last 23 years that they've been my stepsisters.
100% should go to your child, and he should leave equal amounts to his children.