Tips for finding a resolution that everyone can agree with
The passing of a family member can be a difficult time for everyone that was part of their life. What many people leave behind after their passing is an estate with assets and other belongings such as a house, money or prized personal possessions. The process of dividing up an estate can be challenging. The people set to inherit these assets from the estate are called beneficiaries.
In some cases, the beneficiaries of an estate don’t always agree on what their share of the estate is. These disagreements can lead to an estate dispute. This is why you’ll find law firms in Australia have experts in this legal area called Estate Dispute Lawyers. Here at P&B Law, we specialise in handling wills and estates. We understand how sensitive matters are when it comes to estates. After helping out several clients we have discovered many ways to resolve estate disputes.
When an estate dispute is resolved early on there’s no need to take the matter to court. This way you can avoid costly legal proceedings. Avoiding a dispute also helps to save time on dividing up and allocating what is inherited from an estate. There are many steps you can take to resolve an estate dispute. Here we’ll cover examples that have worked for many of our clients in the past.
Proper estate planning
When a will is planned and drafted correctly it can prevent a lot of issues from occurring in the future. When a will clearly outlines the division of assets such as a property, there’s little room for disagreements or misinterpretation. For a will to be filled out correctly it needs to be witnessed and validated. This can be done with the assistance of Estate Dispute Lawyers who can also review the documents and make sure everything is sound.
A trust can also be established. Trusts can help to allocate assets to ensure they are passed on to the right individuals once a family member has passed away. Owners of trusts also tend to find it easier to allocate assets and change them at the last minute compared to a will. So consider using a trust if you feel the need to change your mind on who will inherit what after your passing. To further eliminate confusion on the process of allocating assets, the deceased can also have a letter of instruction drafted before their death. This letter can clearly outline their intentions and motivations for allocating assets to family members.
Using a mediator
Disputing the right to inheritance can become a very messy affair. Emotions can get in the way of decision making and the rationale for contesting what’s in a will. After a loved one has passed away their estate planning documents are usually finalised already. So there’s no realistic chance of the documents being changed. When siblings of the deceased and beneficiaries come to a disagreement, one of the first things they should do is hire a mediator.
Your mediator can be a professional who just specialises in mediating or you can take your pick of Estate Dispute Lawyers to take care of this process for you. This mediation process can be an affordable alternative to taking an estate dispute to court. Mediators act as a neutral third party to help everyone come to a solution that everyone can agree upon.
Liquidating assets
One of the common issues that family members have with estates is the value of the assets themselves. One family member may inherit a family home while the other only gets belongings like furniture or other prized possessions. In this example, the family home is likely to be more valuable than the other possessions left behind. It’s this imbalance of value that can cause issues and tension among family members.
With an estate that has no will or testament, the process of dividing up assets among beneficiaries can become very difficult. One of the easiest ways to divide up the assets equally is to liquify all of them. Once the assets are liquified, everyone can inherit an equal amount of the estate.
Get the resolution advice from our Estate Dispute Lawyers
Here at P&B Law we have qualified and experienced legal professionals that can assist you with an estate dispute. We have guided many individuals through the process of drafting a will. Our Estate Dispute Lawyers have also helped act as mediators for estate disputes. With the right level of care and detail, we believe an effective resolution can always be found. Contact us today to get a professional opinion on your estate dispute.