Splitting everything 50/50 will cause family strife.
With 2 siblings, splitting everything 50/50 should not cause family strife. If one of the two thinks they "deserve more," then they need to get over themselves. Sheesh.
Hypothetical: dad is given an old airplane and starts refurbishing it. Sibling 1 works with dad on this project for years. Making parts at sibling's business, assembly, doing at least half the work. Sibling 2 occasionally visits but has no interest in the plane. Dad gets sick and can’t do much anymore. Sibling 1 continues to work on the plane and finishes it. Dad soon dies and leaves everything 50/50. There’s property, cash, and investments of $1m, and the plane. Plane is valued at $200k.
Siblings each get $500k (less estate costs) from the property, cash, and investments, that's clear. What about the plane?
Dad and sibling 1 should have worked that out ahead of time. It's not "not spliting 50/50, or unfair" to account for that. "Because Sib1 has put in time, effort, and expense on the plane, that shall be excluded from the 50/50 split. To account for their investment of time, Sib1 will get 75% of the proceeds on the plane if sold, and first right of refusal to buy out Sib2 as FMV before it is sold."
To me, that's not diverging from a 50/50 split any more than would be saying, "Sib2 borrowed $50k from the estate so the even split should take that into account before the split is calculated.
Again, dad should account for this stuff ahead of time and discuss if with both siblings, and record his solution in the will with specifics.
Right now, my sister and I are set to split our parents' estate evenly. However, my parents carry the mortgage on our house. (We pay them monthly, with interest, and there is a lien on the home to make it official.) If the estate is $1m (to include the value of the loan) and I owe them $100k, I don't expect to get $500k. My sister would get half of the non-mortgage assets ($450k), plus half of the mortgage asset ($50k), bringing her total to $500k, which is half of the $1m estate for her, as it should be. I wouldn't walk away with the same $500k, even though it is a 50/50 split, because I have what is in effect a debt against my share.
Thankfully, my sister is aware of the mortgage, my mom keeps meticulous records (recording in her book every month that I have paid, even though the amount is always the same, as is the date of payment. She wants it written down that she got each and every payment. I also pay by paper check--her preference--so there are records of what I paid and of the deposits on her end). And there is the lien. And income tax filings,in which we claim the interest paid and they report the same amount as income. So it is clear to all how this will play out. So my parents have done 3 things that will decrease the likelihood of drama--made everyone aware of the existence of the debt, made the debt official, and informed everyone of how the estate will settle. Of course nothing is totally drama proof and anyone can sue anyone about anything, but this seems pretty rock solid.
And it is still a 50/50 split, even is she gets a larger payment in the end, just as it would be 50/50 if airplane sib 1 walked away with a larger check than sib 2, because they in effect have a credit against the estate, if that's how dad decides to handle it.