Family disputes over inheritances is a very common occurrence, about 70% of families will lose a portion of the wealth they inherit primarily because of estate battles according to research done by the Williams Group in San Clemente California. Families should communicate with each other and try to come to an agreement on what is considered a “fair” distribution of property. Clients will need to decide if they want to distribute property equally or if they would rather base it on the individual child’s needs or circumstances. It is a good idea to itemize the assets before hand and to get input from family members about what they might be interested in inheriting. Being consistent and fair about the distribution of inheritance will make the probate process go by more smoothly and will reduce the chances of estate battles breaking out.
See Glenn Ruffenach, How to prevent family feuds when it comes to your inheritance, Market Watch, September 29, 2014.
Special thanks to Jim Hillhouse for bringing this article to my attention.
