We frequently receive inquiries regarding who the beneficiaries should be for the financial products we recommend. And, if the division among multiple beneficiaries should be equal. This brings up an interesting point.
When making this decision, people sometimes place descriptions on their offspring that relate to their current needs or proclivities. What we sometimes forget to think about is that time often changes people and their circumstances. Your son or daughter that is currently employed and financially stable may in the future not be. Meanwhile, the one that historically hasn’t been on the same fiscal page as we are may mature as time passes.
It isn’t just a division of money: “fair meaning equal” is also a powerful emotional message that needs to be reflected on. Give us a call (we’re always here to help) and perhaps our experience in navigating these difficult decisions will help you better navigate your own.