Estate administration involves both legal and personal aspects. Unfortunately, when a family member is gone, it can lead to disputes.
These disputes are often difficult and can lead to expensive and lengthy legal battles.
These disputes can be avoided with some planning and forethought when you prepare your will. Preventing disputes is better than dealing with them. This list was created by The Probate Bureau. They are the premier provider of Probate SERVICES Colchester.
Rivalry of Siblings
It can be difficult for siblings to cope with the loss of a parent. Grief can trigger recollections of past times when odds were not in our favor and various ‘I need yous’ which were never repaid.
Because of this, settlements of estates can quickly turn into a battleground.
You can avoid this by appointing a professional trustee or someone who isn’t associated with the rivalry. This will maintain an air of neutrality as the estate is administered and the probate process proceeds.
An Economic Inbalance among the Estate’s Beneficiaries
Uneven socio-economic standings among heirs of an estate can lead to great problems, sometimes enough to stop the proceeding. This can happen when a wealthy inheritor holds onto an asset that their less-wealthy counterpart wishes to sell.
This can be avoided by including specific instructions in the will concerning the sale and purchase of your property.
Co-Trustees
Only one Apple CEO and one US president are available. Executors have to be decisive and quick. This is why you should not name more then one person in your will. Even if you have two people who get along 99.99 percent of the times, one per cent can cause problems which could lead to lots and delays.
Beneficiary Dependency/Mental Illness
Settlement of an estate is very sensitive. It is therefore crucial to avoid any outside interference that may have a negative influence on the process. This includes mental health issues and substance abuse.
You can also create a provision in the event of a chemical dependency where claims are dependent on the person being clean for a set period. Another option is to create a discretionary trust, where the Trustee takes final authority based upon their opinion.
In cases where there are signs and symptoms of mental illness, the trust administrator can create a “special needs trust”.
Undue Influence
It is very common that when it comes down to end-of–life care, one person will provide the majority of that care. However, this situation can lead a caregiver to coerce others for personal gain.
Sometimes, a person’s Will can change in the last few months before their death. The caregiver will benefit from all of the changes.
Late Marriage
It is possible to find love in any place at any time. However, it can lead to resentment in the new spouse by the heirs. This is especially true if the family is blended with children who are not on the settlor’s sides.
You can avoid this by making sure that your will has been properly drafted and reviewed by a professional. Although it is possible to provide both for your spouse and for your children, you might want to seek the advice of a professional to make sure that the outcome is fair.