Estate Planning: How to Prevent Inheritance Disputes

There are numerous causes of inheritance disputes after the death of a loved one. However, the most common reason for the family disagreement can be attributed to the sense or feelings of unfairness. Often, the heirs might feel that they deserve more assets from the deceased. In other cases, the bereaved individuals might object to the distribution of wealth because they believe that the will of the departed is not accurately depicted in the inheritance. If you are concerned about the possibility of a dispute after your death, you should consider using these practical tips to minimise the potential disagreements.

Prepare a Valid Will Trust and goodwill are important elements in a family. However, a valid will is more reliable in ensuring that the family does not fall into chaos after your demise. Under ideal circumstances, you should hire an experienced lawyer to help you prepare the document. The professional assistance will reduce the probability of unexpected contests. However, if you are interested in preparing a will at home, you should ensure that it meets the legal requirements for validity. You should pay particular attention to issues such as testamentary capacity, voluntariness and clear intent. These elements are critical in proving the validity of a will.

Consider Avoiding Probate If you do not believe that a will can prevent disputes, you should think about taking steps to avoid probate. Probate is an important process through which your property will be passed on to the heirs after your death. This procedure can be lengthy and expensive, and your dependents might suffer before resolution. Therefore, consider using alternative methods to distribute your property, eliminating the need for a will or probate. For example, you can assign certain accounts and assets to specific heirs as death beneficiaries. You can also use joint property ownership to leave property to close family members through the right of survivorship. In addition, you can create revocable living trusts and use these to transfer property to someone else.

Use the Power of Attorney Some inheritance disputes arise because the decisions made on wealth distribution are made late in life. The beneficiaries and family members might be sceptical if an old person changes their will. The common assumption is that someone manipulated or coerced them, or they might not be of sound mind. Therefore, you should think about giving a trustworthy person power of attorney early. This person will make decisions on your behalf if you become incapable or incapacitated. This arrangement will prevent disputes concerning late-life decisions. 

Reach out to a wills and estate lawyer for more tips!