How 'Fair' Is Your Will? Why Estate Planning Is About More Than Money

A brother and two sisters smile at the camera. The photo is faded and looks to be from the 1970s or early 1980s.

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Creating a will or estate plan is a good way to help ensure that your wishes are carried out once you’ve passed away. But in the course of writing your will, trust, or whatever tool you use to dictate the terms of an inheritance, you don’t want to only think about the assets you have and how you’re splitting them up among your heirs. It’s essential to look at the big picture, too.

An estimated 35% of U.S. adults say they or someone they know has experienced familial conflict due to gaps in estate planning, according to a 2024 Vanilla survey. So, your best bet is to try to avoid such strife by taking extra care to ensure your will is as fair as possible.

When an even split won't work

For the purpose of this discussion, we’ll assume you’re looking to split your assets across multiple children, as opposed to sharing the wealth between children, nieces, nephews, and distant cousins. In the former scenario, you may find that an even split is your best course of action. If you have a $1.2 million estate and three children, each beneficiary gets $400,000. Simple.

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But things aren’t always so cut and dry, warns Steve Lockshin, financial advisor and co-founder of Vanilla, an estate-planning software company.

“An oft-repeated adage in estate planning is that what’s equal is not always fair, and what’s fair is not always equal,” says Lockshin.

As Lockshin explains, you may have a fixed number of assets to split across three children with different needs. One might be a successful lawyer with a $500,000 annual salary and no children, and the others might be struggling teachers with two kids apiece. An equal split might seem fair mathematically, but it’s not necessarily “fair” in practice.

To be clear, Lockshin says there's a compelling reason to split assets equally among children when possible — love.

"Whether explicitly stated or quietly internalized, children often equate the financial decisions their parents make with how much they are loved," Lockshin explains. "When the distributions are unequal, it’s difficult to avoid comparisons. And money, being so easily measured, becomes a surrogate for perceived affection."

However, Lockshin recognizes that while equality is a good default option, it can't always be done.

"There are circumstances where an unequal division is appropriate, or even necessary. A child with special needs, serious health conditions, or mental health challenges may require more support. In such cases, fairness may demand a different kind of equality — one that aligns with each child’s unique needs," he says.

Just don't look at the money

In the course of deciding how your assets will be distributed upon your passing, you can’t only look at money. It’s also important to consider the sentimental value of different assets you may want to pass on.

Say you have a lovely piano in your home worth $8,000 that your children all have fond memories playing. Unlike a sum of money, a piano can’t be split into three.

You could gift the piano to one child and leave your remaining children other assets worth $8,000 to make them whole financially. But that may not make them whole emotionally, and it’s important to note that distinction.

Have open conversations

Ultimately, fairness in a will or estate plan isn’t just about doing division. It means looking at the big picture and thinking about the non-financial value of certain assets your beneficiaries may desire to have once you’re no longer around.

It’s also crucial to have open, honest conversations with your heirs and, if possible, allow them to be a part of the estate planning process. This way, any concerns that arise can be answered by you directly, as opposed to leaving your children to question your motives or intentions once you’re no longer around to shed light.

Also, it may be that your heirs feel differently about inheriting specific assets than you think. Going back to our piano example, wouldn’t you rather leave it to the child who truly wants it the most, as opposed to the child you think wants it?

Having those conversations could also be crucial to avoiding conflict once you’re no longer around, Lockshin says.

“Most parents share a common, deeply rooted hope for their children — that they will be happy, healthy, and love each other,” he says. “Few things can fracture sibling relationships more quickly or permanently than an inheritance perceived as unfair. Treating children differently at death, even with good intentions, can dismantle that final wish almost instantly.”

Maurie Backman is a freelance contributor to Kiplinger. She has over a decade of experience writing about financial topics, including retirement, investing, Social Security, and real estate. She has written for USA Today, U.S. News & World Report, and Bankrate. She studied creative writing and finance at Binghamton University and merged the two disciplines to help empower consumers to make smart financial planning decisions.