What to Do When Family Disputes over Property Happen
Anytime family disputes over property happen it is sensible to try and remedy the situation as fast as possible. Permanent harm and separation of relatives can happen if arguments get out of hand. It might be necessary to hire a mediator to calm the situation so family members can work through their disagreements.
Sadly, the fact is family disputes over property happen all the time. The most common cause of arguments arise from divorce proceedings and gifts bequeathed through inheritance. Divorce and death are two emotionally charged situations that can trigger people to act out of character.
As a probate liquidator, I am frequently caught in the midst of family fights. I could publish a book about the silly things people have entered into complete warfare over. I have watched grown adults fight over everything from who should acquire the family dog to a multi-million dollar mansion.
The simplest way to minimize family disputes over inheritance is by participating in estate planning. Emotions are raw when a loved one dies. When family members don't receive property or personal belongings they felt should belong to them they can become frenzied. Without immediate resolution, disgruntled heirs often hire a lawyer and contest the Will to lay claim on items they believe rightfully belong to them.
Contesting a last Will is guaranteed to create chaos. Few things can rip a family apart more quickly than filing lawsuit to acquire ownership of a deceased relative's possessions. Nonetheless, if heirs are actually eligible for property not gifted in the Will and it is worth a lot of money, there is good cause to challenge.
Estate planning is necessary for placing final desires in writing and gifting property to beneficiaries. Implementing a last will and testament is required for both probate estates and trusts. When there is no Will in place at the time of death, property is equally distributed between rightful heirs.
Estate planning professionals can help individuals determine which strategies are best suited for their needs. Considerations include: reducing estate and inheritance taxes; keeping estate assets out of probate; transferring assets to trusts; and ways to minimize family disagreements from happening.
Unfortunately, there are no strategies that can completely stop family disputes, but there are options that can minimize the potential. One of the best solutions is to arrange a family meeting and let relatives lay claim to items the want. This offers a platform where people can air their disputes and enter into negotiation.
When family members arrive at agreement, create a list of items that will be given to each person via the Will or trust and have all heirs sign the agreement. Make copies for everyone and affix the original agreement to the last Will.
When family quarrels over property stem from divorce it is advisable to hire a divorce lawyer. This is especially important when financial portfolios and real estate are owned jointly.
Throughout the years, I have come to the conclusion that the concept of a 'friendly divorce' does not exist. It doesn't matter how friendly the divorcing parties are. Nine times out of ten, the gloves are off and tempers are flaring by the time they end up in divorce court. What begins as an uncontested divorce almost always ends up as a contested divorce because one person believes taking ownership of property is more significant than leaving on good terms.
It's hard to make good decisions in the middle of chaos. Undoubtedly there are instances when fighting for what is rightfully yours is appropriate. However, if the cost means cutting ties with loved ones, it is wise to do some soul searching to determine if family disputes over property are worth the consequences.
Sadly, the fact is family disputes over property happen all the time. The most common cause of arguments arise from divorce proceedings and gifts bequeathed through inheritance. Divorce and death are two emotionally charged situations that can trigger people to act out of character.
As a probate liquidator, I am frequently caught in the midst of family fights. I could publish a book about the silly things people have entered into complete warfare over. I have watched grown adults fight over everything from who should acquire the family dog to a multi-million dollar mansion.
The simplest way to minimize family disputes over inheritance is by participating in estate planning. Emotions are raw when a loved one dies. When family members don't receive property or personal belongings they felt should belong to them they can become frenzied. Without immediate resolution, disgruntled heirs often hire a lawyer and contest the Will to lay claim on items they believe rightfully belong to them.
Contesting a last Will is guaranteed to create chaos. Few things can rip a family apart more quickly than filing lawsuit to acquire ownership of a deceased relative's possessions. Nonetheless, if heirs are actually eligible for property not gifted in the Will and it is worth a lot of money, there is good cause to challenge.
Estate planning is necessary for placing final desires in writing and gifting property to beneficiaries. Implementing a last will and testament is required for both probate estates and trusts. When there is no Will in place at the time of death, property is equally distributed between rightful heirs.
Estate planning professionals can help individuals determine which strategies are best suited for their needs. Considerations include: reducing estate and inheritance taxes; keeping estate assets out of probate; transferring assets to trusts; and ways to minimize family disagreements from happening.
Unfortunately, there are no strategies that can completely stop family disputes, but there are options that can minimize the potential. One of the best solutions is to arrange a family meeting and let relatives lay claim to items the want. This offers a platform where people can air their disputes and enter into negotiation.
When family members arrive at agreement, create a list of items that will be given to each person via the Will or trust and have all heirs sign the agreement. Make copies for everyone and affix the original agreement to the last Will.
When family quarrels over property stem from divorce it is advisable to hire a divorce lawyer. This is especially important when financial portfolios and real estate are owned jointly.
Throughout the years, I have come to the conclusion that the concept of a 'friendly divorce' does not exist. It doesn't matter how friendly the divorcing parties are. Nine times out of ten, the gloves are off and tempers are flaring by the time they end up in divorce court. What begins as an uncontested divorce almost always ends up as a contested divorce because one person believes taking ownership of property is more significant than leaving on good terms.
It's hard to make good decisions in the middle of chaos. Undoubtedly there are instances when fighting for what is rightfully yours is appropriate. However, if the cost means cutting ties with loved ones, it is wise to do some soul searching to determine if family disputes over property are worth the consequences.
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