Family estate disputes are tragic because loved ones have to fight against each other. In these cases, the family dynamics can be changed forever. One way that people can prevent this from happening is to have a solid estate plan in place. It might even behoove some individuals to put a no-contest clause in the will. This means that if someone in the will contests things and loses that court action, he or she will walk away with nothing from the estate, not even what was intended for that person.
Family estate disputes are a horrible situation for anyone to go through. These come at a time when your emotions are already raw because of the loss of your loved one. Instead of having to worry about an estate dispute, you should be free to spend your time remembering your loved one and mourning the loss.
The probate system is mystifying to some people until they have to deal with it after a loved one dies. Some people get confused about what is going on. They might think that they can just grab their loved one's assets and move on with life. This isn't the way that it works.
Losing a parent is hard, even when he or she has lived a long, full life. Emotions run high immediately after a parent dies, and life may never be quite the same again. However, for those adult children who learn that they didn't receive as much of an inheritance as their brother or sister, then other emotions can begin to crop up.
One of the more difficult dilemmas for parents when making out their wills is whether or not to leave the same amount of cash and assets to each child. In a perfect world, the answer would be unequivocally, yes.
If you need a good reason to update your will or other estate planning documents, look no further than the battle currently embroiling a late businessman's wife and his children from our neighboring Maryland. The businessman may have left substantial assets when he passed away some months ago, but his widowed wife's portrayal of his estate does not seem to match the picture that his children presented of his finances after his death.
Most people never have to worry about a will being challenged. Almost all families are able to work through any possible issues and allow the will to pass through the probate process without any problems.
When your loved one passes away, you might be ready to get the will read so that you can get everything finalized. In some cases, the will might not contain the information that people think it will contain. This realization could lead to someone contesting the will.
As you are developing an estate plan, there are many questions that will come up. If you have adult children, the questions that you might struggle with the most are those that revolve around what each child should get. This is often something that can lead to serious disputes down the road.
If you are in the process of creating an estate plan, or if you have already have one, deciding on how you will distribute money among beneficiaries can be a daunting task. After all, leaving a legacy is one of the most important things a person can do for his or her family. With many baby boomers poised to leave more than $30 trillion to heirs over the next 30 years, is a good problem to have.