Leaving an Inheritance to Your Nieces and Nephews: Generous Gesture or Family Obligation?

Maintaining close connections with extended family members these days takes work. Think about how much more often you saw your cousins when your grandparents were alive than you do now. Your parents visited their parents, and the siblings of your parents also visited their own parents, so the cousin relationship happened naturally. When adult siblings’ paths in life diverge, such as if one sibling has children and the other does not, they may or may not stay in close contact with each other. For the sibling who does not have children, there is no template regarding beneficiaries of your will. Some people who have never married or had children leave their property to their siblings or their nieces and nephews, while others leave it to their siblings or to close friends. While there is copious advice online about the dos and don’ts of leaving property to your children in your will, the dos and don’t of leaving property to your nieces and nephews is mostly uncharted territory. If your nieces and nephews are the obvious choice as beneficiaries of your will, and you want to ensure that your property passes to them with minimal hassle after you are gone, contact a Bronx estate planning lawyer.

When Nieces and Nephews Are the Default Beneficiaries of Your Estate

When you write your will, you can leave as much or as little of your property to anyone you choose, including but not limited to your nieces and nephews. There are also instances where the nieces and nephews of the decedent inherit the estate even if the decedent did not write a will. When there is no will, the probate distributes the estate to the closest relatives of the decedent. If you do not have a spouse or children, your siblings inherit your estate, but if you are the last surviving sibling, then your nieces and nephews are the heirs, and the court will divide your estate equally among them.

Leaving Equal Shares of Your Estate to Each Niece or Nephew Is the Familial Thing to Do

Earlier this summer, a woman wrote to personal finance columnist Quentin Fottrell with a question about leaving her estate to her nieces or nephews. She wanted to know whether it was better to divide the estate equally among the beneficiaries or to consider each beneficiary’s financial need. It is a better idea to will equal shares of your estate to family members whose familial relationship to you is the same, for example, the same amount to each sibling or the same amount to each child. If some of your nieces or nephews need financial help, this should take the form of a gift given during your lifetime, not an unequal share of your estate. Unequal inheritances lead to family conflict.

Schedule a Confidential Consultation With a Bronx Estate Planning Attorney

An estate planning lawyer can help you plan to leave your estate to your nieces and nephews.  Contact Cavallo & Cavallo in the Bronx, New York to set up a consultation.

Source:

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