Moneywise On Oneplace.com

Proverbs 13:22 tells us, “A good man leaves an inheritance to his children's children…” But while the Bible emphasizes the importance of leaving an inheritance, it doesn’t provide a step-by-step guide. That’s where careful planning and biblical wisdom come into play. Here are some principles to help you make wise decisions about your estate—particularly when it comes to real estate—and avoid unintended conflicts among your heirs.The Common Approach: Equal DivisionOne of the most common phrases in wills is, “My estate will be divided equally among my children.” This approach seems fair and straightforward, especially when the estate consists entirely of financial assets. However, complications arise when property, such as a home or vacation property, is included.When real estate is left to multiple heirs, they face tough decisions:Joint ownership: Should they retain the property together, splitting the responsibilities and costs?Sell and split proceeds: Should they sell the property and divide the cash?Buy out