Estate Planning: Identify the Signs that Your Beneficiaries Will Fight Over Your Estate
Posted on: 19 April 2018
When planning your estate, you are determining how the property will be divided once you are gone. Unfortunately, when it comes to will execution, most family members and beneficiaries take the matter personally. Even where the law has made explicit provisions about the process, family members may end up fighting if they feel that the division was not done reasonably. As the estate owner, it is essential to understand this possibility so that you can take measures to prevent contests to your will after you are gone.
This article will teach you how to know whether your family will fight over your estate and the measures that you can take to prevent the rivalry.
Blended families
Divorce and multiple marriages are not new terms in today's society. You may have married, divorced and remarried one or a few times, and even had kids in all the marriages. In this case, it is common for ex-partners to claim your estate. If you don't make proper provisions in your will, your ex-partners and children from previous marriages may go to court to contest your will. One may feel that they were a significant part of your life, but your last wishes were not in their favor. In this case, even if the court doesn't rule for the party, the estate execution can cause great strife among individuals in the blended families.
Varying economic status
Financial disparities exist in families, with some members flourishing while others struggle to make a living. If such differences exist in your family, they are a sure sign that your will may be contested after your demise. In most cases, the less privileged members of the family feel that they are more entitled to your estate as compared to those who are already economically stable. On the other hand, the ones who are well-off will still want their share. Due to their financial status, they may even have access to better lawyers if the matter is taken to court.
Existing family feuds
A family is a complex institution, and there may be rivalries between brothers and sisters, close and distant relatives. In such a case, it would be a bad idea for you to name a family member as the executor of your will. If the said member has any form of rivalry with another person in the family, your decision may aggravate the other party and cause them to contest the will just to spite the executor. To avoid this, take note of family rivalries and put them into consideration when planning your estate.
The last thing you need when planning your estate is to have the family fight each other over the division. Talk to an experienced wills and estates lawyer so that they can help you write a foolproof will
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