Man With a Problem

My wife and I have 17 children. All I have to will them is a 1963 Ford Falcon and a small house. How can I split my estate with them?

Dividing an estate, especially with a large family, can be complex. Here are some approaches to consider:

Splitting the Assets:

• Equal Shares: Divide the value of the Ford Falcon and the house (after considering potential selling costs) by 17. Each child receives a monetary equivalent. This might be easiest, but fairness depends on the value of the house compared to the car.
• Proportional Shares: Appraise the house and car. Each child receives a percentage based on the total value. Here, someone could choose the house if it's significantly more valuable, and others would share the remaining value.

Considering Individual Needs:

• Needs-Based Split: Some children might need more depending on their situation. One struggling financially could receive the house, while others get the car's value. This requires open communication.
• Joint Ownership: Hold the house in joint ownership for all 17. This can be challenging for long-term decisions or if someone wants to sell their share.

Alternative Solutions:

• Sell the House: Sell the house, distribute the money equally or proportionally, and potentially sell the car too.
• Trust: Create a trust outlining how the assets are used. This can benefit those who might not be responsible with money yet.

Recommendations:

• Lawyer & Estate Planner: Consulting a lawyer specializing in estate planning is highly recommended. They can guide you through legalities, tax implications, and create a will reflecting your wishes.
• Family Communication: Talk openly with your wife and children about your wishes. Understanding individual needs and preferences can lead to a more peaceful and fair outcome.

Additional Considerations:

• Debts: Ensure the estate covers any outstanding debts before distributing assets.
• Sentimental Value: Discuss how to handle sentimental items beyond the car or house.

Remember, the best approach prioritizes fairness, communication, and potentially seeking professional guidance to ensure your wishes are clearly documented and followed.

Not intended as legal advice