Unfortunately, family disputes over inheritance are a common occurrence. As a probate liquidator, I've viewed many feuds erupt in courtrooms over personal stuff and valuable investments. One thing is certain. Death can unite or separate families and separate often occurs when decedents do not take part in estate planning.
While estate planning cannot prevent family disputes over inheritance it can prevent heirs contesting the Will and ensure heirs receive expected inheritance gifts. The amount of real estate planning strategies required is determined by several factors including type and value of possessed assets, quantity of heirs, and state probate laws.
Every estate requires the probate process unless belongings are protected by the trust. Trusts tend to be used when real estate value surpasses $100,000. Some say exempt small estates from having probate so long as a legal Will has been carried out. If you want to know more about estate planning, you can also navigate to http://www.edmundvincentlaw.com/.
Executing a last will and testament is essential because it provides estate settlement directives, including how Estate should be distributed. Wills are also critical for many who have trivial children because they appoint legal guardianship. Other important directives range from burial personal preferences, charitable presents and donations, and disinheritance of heirs.
People who are worried that heirs might contest the Will can insert a no-contest clause. This action declares that heirs who contest the Will relinquish privileges to any Estate belongings. No-contest clauses can be considered a good preventative strategy to reduce the threat of family inheritance wars from erupting.