Valuable Tips for Resolving Family Disputes over Property
PrintDescription: Family disputes over property can quickly escalate and cause everlasting damage. When relatives begin to argue about who is entitled to property gifted through inheritance, it's essential to be proactive in attempting to resolve the issue.
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Family disputes over property happen more frequently than most people care to disclose. They often lead to expensive legal fees and ruined relationships.
Arguments are fairly common when property is held in probate or jointly owned by divorcing couples. Relatives become angry because they weren't gifted items in a decedent's last Will or other family members received more valuable items. Death and divorce are highly-charged emotional events that can make people act out of character.
One way to minimize family disputes over inheritance is to engage in estate planning. Everyone who owns anything of value and wants to pass belongings to relatives upon their death needs to prepare a Last Will and Testament. Individuals concerned that family feuds will erupt might consider safeguarding estate assets in a trust.
Unfortunately, heirs who don't receive items they feel entitled to have the right to contest the Will. However, they must provide substantial evidence to overrule directives provided in the Will.
Anytime heirs contest a Will, chaos is likely to follow. Contesting the Will of a deceased relative is a bold move that can cause serious harm to familial relationships. While there are times when heirs should lay claim to property that wasn't given to them via the Will, more often than not, this act originates from greed.
One way to prevent heirs from contesting the Will is to include a 'no-contest' clause. This means that any heirs who contest the Will forfeit their right to any property. Additionally, if there is a need to disinherit heirs from the Will, it is vital to include a disinheritance clause that includes details as to why the person has been excluded.
Writing a Will is necessary for probate estates and property protected by a trust. If a Will is not executed prior to death, all of the decedent's belongings are distributed to rightful heirs according to state probate law.
The truth of the matter is there isn't much that can be done to completely eradicate the potential for family arguments surrounding possessions. However, there are strategies that can reduce the potential for tempers to flare.
If family members can meet in person without constant bickering, it can be helpful to hold a family meeting. This can open the door for letting people speak their mind, work out differences, and lay claim to specific property.
Once everyone comes to agreement, it is best to compose a list of all items that will be given to each person. It is wise to have every heir sign the property distribution agreement and attach the signed copies to the last Will. Doing so serves as evidence should heirs decide to later contest the Will.
When divorcing couples disagree about property rights, it is usually a good idea to obtain advice from a divorce lawyer. This is particularly important when financial portfolios and real estate are jointly owned by the divorcing couple.
It can be extremely hard to make good decisions in the midst of chaos. Certainly, there are times when people must take a stand to acquire items that rightfully belong to them. On the flip side, if the cost means disassociating with relatives, it's best to do some soul searching to decide if family disputes over property are worth the potential consequences.
About the Author:
Simon Volkov is a California real estate investor and probate liquidator who has seen the damage caused by family disputes over property. To help others prevent family feuds, Simon has compiled an exhaustive estate planning article library that provides information about writing a Will, trusts, probate, and much more. Learn how simple estate planning can be by visiting SimonVolkov.com. Article Source: Eulogy Site - http://EulogySite.com