Money Moral Dilemma: Should we leave more to our younger children in our wills?

lolamancity

As the last poster says, who knows what financial situations all of your children may be in when you die - it might be completely the opposite to the situation now, so there's that to take into account. However, I do have this moral question hanging over my own circumstances - married with 2 kids and the eldest has a different dad. I want to leave a significantly higher portion to his younger brother, as the eldest will be inheriting from his biological dad, grandmother and uncle too. But it's a massive moral dilemma when you start taking individual circumstances into account, and in think most people are of the belief that you should never treat you children differently in terms of wills. 

Androids

Set aside money for student debt and divide the rest equally. Perhaps discuss this with all of them and explain your reasons now. It’s your money so anything they get is a bonus.

primrose_penguin

Perhaps it would be a good idea to have a family meeting to discuss this if you are thinking of leaving more to some of your children than others, money can unfortunately create so many problems in families after parents die, it would be a shame if there was any conflict between your children due to your will. I know the money is yours to do with as you wish but there are all sorts of reasons where circumstances could alter for your children over the years, so to treat them differently may not be the best idea. Having said that, I hope they would be grateful for whatever they get, you could choose to enjoy yourselves and spend it all

silvercar

Give according to what they need/ you wish, when you are alive. Leave equally when you’ve gone.

Erica51

If you are able to, help your younger kids with the deposit to buy a property now and with paying off student debt.  Try to level them up to where the older ones were at the same age.  Then enjoy yourselves, and at the end divvy up your property equally.  Most importantly, explain to all your kids what you’re doing.

bikaga

If you have the ££, why not support the younger ones overpay their loans and get rid? 
Just as an example using some of the current plans:
If your kid has £55k debt now and earns £40k, assuming that won't change, if you died in 10 years they might have still got nearly £40k debt despite repaying nearly that much.
In the same time, they'll have spent money on a place they'll never own, and if they have a partner and move in together and rent, that might be even more money wasted.
Why don't you have a chat with your children? The older ones might not mind the younger ones getting more, and if they can't come to an agreement, it might be better for your kids to get part of their inheritance as gifts over the next years so that they can pay off the loan or alternatively use it as down-payment for a place of their own?
I'm financially better off than my sibling and wouldn't mind my parents supporting them more than me.

FredaJones

If you leave different amounts to your children will they resent each other for it?

You won't be there so it matters not how they feel about you but think about their relationships with each other.

retired19

Unless you die today you have no idea what financial circumstances your offspring will be in when you do go. You should always try to treat your children equally. Anything could happen between now and then. From winning the lottery to redundancy, divorce or there own death - maybe leaving small grandchildren without financial support, you can't predict the future. The only fair thing is to treat them equally 

Afourteen

Don't know how much you have now, won't ever know how much you will have in the future. So if you and your partner feel that one or more of your offspring deserves more to equal up their start in life (Uni fees/mortgage deposit) then help them now. Then in your will leave a 'token' amount to each of your direct offspring, to a charity of your choice if you wish, then give an equal amount, in trust if necessary, to your grandchildren at the time of your death.   

Matt8888

Ask the older ones how they would feel if you left more to the younger ones, explaining why. Chances are they will understand... But if they are really upset about it, consider not doing it.