Reducing Conflicts Over Inheritance

The devastating emotional, social, and financial affects of heirs fighting over inheritance can be seen in famous cases of the public feuds of families of deceased celebrities, such as the eight years and running feud that resulted after James Brown’s wife was left out of his will. Here are some tips for using estate planning to prevent or diminish the potential of family feuds over inheritance:

• Treating equal heirs equally can reduce conflict, such as gifting assets of equal value to all children.
• Remember to consider sentimental value and individual preferences when considering the value of assets being passed on.
• Consider giving potential heirs some decision making ability by giving them a chance to voice their desires or creating a system where they can choose what they will receive.
• Consider carefully the impact of the chosen executor and whether that decision will create conflict.

See Liz Moyer, When Heirs Collide, The Wall Street Journal, Sept. 26, 2014.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.