Losing a loved one is one of the most challenging experiences any person will go through. In the aftermath of such a loss, families often find themselves grappling with the overwhelming task of going through the deceased’s personal belongings and deciding who gets to keep every item of sentimental value. This can add even more stress to the beneficiaries involved and can become a time when tempers flare due to disagreements over who gets what.
Unfortunately, without clear instructions outlined in a will, disputes among beneficiaries are all too common, further straining an already difficult situation. That’s why we’d like to introduce a fresh new perspective to estate planning: early inheritance.
Early inheritance is the process of giving beneficiaries ownership of sentimental items before the passing of the estate owner. It is meant to help alleviate future conflicts and foster meaningful connections between parents and children during their final months together.
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Many Estate Disputes Can Be Avoided
An estate represents a person’s legacy – everything they plan to leave behind to the world after they pass away. It’s often viewed as a final act of love, where beneficiaries are handed down the grantor’s most important possessions. Safeguarding this legacy should be a priority for everyone involved, but without a clear plan, it’s easy for this exchange to devolve into bickering amongst the beneficiaries.
The truth is that many estate disputes can be avoided. All it takes is a little planning. The emotional nature of wealth transfer makes it difficult for those involved to make decisions with a clear mind. However, being proactive about how the most sentimental items will be distributed can significantly cut down on disagreements and potential disputes after the fact – offering a smoother transition for everyone involved during such challenging times.
An Argument For Early Inheritance
To cut down on potential disagreements among beneficiaries, many parents are shifting their focus toward early inheritance. By distributing their belongings while they are still alive, the grantor can ensure that there is no room for questioning the estate and each beneficiary’s claim to the most important items it contains.
This approach not only promotes harmony among the beneficiaries but also spares everyone from the emotional stress and potential financial strain associated with estate disputes.
Creating New Opportunities To Bond, Declutter, And More
Allowing your children to select objects of personal significance or items they wish to pass down to future generations can be a great way for families to bond. Bestowing treasured possessions while still alive also presents an opportunity to declutter and donate unwanted items instead of leaving everything behind for your loved ones to sort through. All in all, early inheritance gives folks a chance to preemptively address potential sources of conflict, cut back on unnecessary clutter that nobody in the family wants, and create final memories with loved ones that will be treasured for years to come.
Start Planning Your Early Inheritance
Countless disputes arise as a result of emotional attachment to possessions, which can lead to heartache and substantial legal expenses as beneficiaries fight each other for these items. Early inheritance offers a practical solution to these challenges, promoting togetherness now and after a loved one’s passing.
Related Article: Best Methods of Dispute Resolution for Will and Trust Disputes
Find An Estate Attorney Near You
Here at Gaslowitz Frankel, our goal is always to advocate for the best outcome for our clients. The key to a successful outcome, regardless of the path you choose to take, is connecting with an attorney from the very beginning.
If you need help with fiduciary litigation, we’re here to help. Contact us by filling out our contact form for a free consultation about your case.
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