Financial legacy...do all the kids get the same amount?

The following is an excellent article written by Rachel Emma Silverman, The Wall Street Journal, Weekend Investor section.

It is one of the toughest questions parents face when drawing up a will: Should they leave an equal share to each child?

No two members of a family are exactly alike—and parents may well take that into account when drawing up an estate plan. But there is a danger to uneven distributions beyond hurt feelings: Wills that favor one child over another and are executed haphazardly may be vulnerable to legal challenges.

Families take into account many different factors when determining how to distribute their property. One child may be far more successful financially than another. One may have three children of his own, while another may have just one child. You may have a close, loving relationship with one child and be estranged from another.

Many parents want to support children who need more financial help, while others want to repay children who have provided important support or caregiving. Some parents already may have helped one child considerably more than another during his or her lifetime, such as paying for a pricey graduate-school education or providing money for a down payment for a house. Other parents are reluctant to reward a particularly difficult or problematic child.

The upshot: What's fair may not result in an equal split. Read full article.