I can understand why parents would announce, before the first child goes to college, “We have $X in a college account. For your college expenses, each of you will have up to $X/number of children.”
However, keeping a tally of what each child is “owed” seems to be a formula for breeding resentment among the children. It puts the emphasis on material possessions and takes it away from the love and support that family members should have for one another. I want my children to feel like they are all in life together, to support one another and help one another in times of need.
When my siblings and I were growing up, we understood that any money we were able to save our parents would be there for them. Ultimately what was left would go to us, but we were concerned that they have enough for a comfortable retirement. With no spendthrifts or deadbeats among the siblings, we all pitch in together. No money changes hands. We don’t keep score. We’re just grateful to have each other around.