Losing a loved one is hard enough without the added stress and heartbreak of a dispute over inheritance. Your family members may not all agree about how your estate should be handled, and these disagreements can lead to bitter, costly lawsuits that can drag on for months or even years. Here a few things you can do to avoid messy legal battles among your family members after you’re gone.
Don’t wait to create a will and make an estate plan.
If you die without a will, state laws determine how your estate is distributed. In that situation, if no living relative can be found, all of your assets could go to the state. Creating a will now can help ensure that your estate will be distributed as you wish. Furthermore, the younger and healthier you are when you create your will, the less likely it is to be disputed for being written under distress or when you were not of sound mind.
Plan to avoid probate.
Whether or not you have a will in place when you pass away, any assets that become part of your estate will have to go through probate, which is the legal process of transferring your assets when you die. A well-drafted will can make this process easier, but even the smoothest probate can take months, and complicated estates can take years. Transferring assets in other ways can help avoid the need for a costly probate process. Designate a beneficiary on all applicable financial assets and instruments, such as retirement and POD accounts. Upon your death, the assets will automatically transfer to whomever you named as beneficiary. In the case of jointly owned property with the “right of survivorship,” the deceased owner’s share is automatically transferred to the surviving owner. You can also transfer assets and property by way of a revocable living trust, or simply give away assets before you die to avoid probate.
Make your wishes clear.
Read over your will to be certain it clearly spells out your wishes, and update the document as often as needed. Your will can designate certain assets or personal effects to go to specific beneficiaries. If you choose to disinherit a family member, a court may better understand your intentions—and be more likely to follow them—if you state your desire clearly in your will. This can also help discourage the excluded family member from contesting the will.
Take the necessary steps now to avoid putting further stress on grief-stricken family members after you’re gone. Create a will and make your desires known so that your family, your executor, and the court clearly understand your wishes. If you are concerned that you or your family may become involved in a dispute, contact the lawyers at Gaslowitz Frankel. Our legal team has more than 25 years of experience providing expert and compassionate guidance during a difficult time.
