When the topic of wealth transfers arises, your mind might instantly think about millions of dollars. The truth is that the majority of people who inherit money aren’t getting millions.
The most common inheritance amount is anywhere between $10,000 and $50,000. As inheritance laws change, this number might increase or decrease. Either way, families might find it hard to settle inheritance disputes.
Keep reading to learn how to settle inheritance disputes while staying within the law.
Use a Mediator
Inheritance laws can be tricky to navigate so hiring a lawyer or mediator is a viable option for settling disputes. Estate planning documents cannot be changed after the death of the owner.
If siblings or other beneficiaries cannot agree, using a mediator is an affordable way to work out differences. Mediators cost less than lawyers but having both by your side might be more beneficial depending on the circumstances.
When it comes to inheritance and divorce, a lot of the problems stem from the value of the assets. One party might receive the home while the other receives the car.
This problem is common with estate planning as well. It becomes problematic for the inherited when there is no will or trust as there is no way to divide assets in a fair manner.
To resolve the conflict, assets can be liquidated and divided into even portions. If all parties agree to this method of resolving conflict, the value of the assets, rather than the actual assets, will get divided up.
Choose an Independent Fiduciary
The right to inherit is tasked by the executor or trustee. If one family member is named to the role, they can decline the appointment and choose an independent fiduciary instead.
An estate planning attorney can take over the responsibilities to create peace and neutral division of property. Lawyers will have a better understanding of inheritance laws including child inheritance rights.
Divide Household Items Fairly
If you don’t want to liquidate marital property and assets or property given to you through an estate plan, you can find ways to divide household items that are fair to everyone.
The dispute in an estate might happen because of the sentimental value of items rather than the financial value they hold.
You’ll have to find ways to do this on your own. One way is to take turns choosing items to keep after agreeing upon a specific order. The remaining items can be liquidated and divided up evenly.
Using Inheritance Laws to Settle Disputes
There are various ways to settle inheritance disputes but all involve following inheritance laws. If you don’t know much about the inheritance laws in your area, an estate planning attorney can be of help.
Inheritance disputes can lead to nasty arguments among family members that often end badly. Find ways to be fair with your loved ones especially if you are all going through the grieving process.
For more articles on legal matters, check out the other posts on our blog.