Parents often expect estate planning disputes between their children to revolve around major assets. For example, maybe they have a $1 million vacation property. They’re going to leave it to all of the children jointly, but it could cause conflicts if some of them want to sell and others want to keep the property. Other major assets include investment portfolios, bank accounts, businesses, real estate and much more.
It certainly is important to plan for all of these major assets. Lack of estate planning can lead to disputes, and there are often steps you can take to resolve these in advance.
However, it’s also important to note that the dollar value doesn’t necessarily matter. Many estate disputes revolve around assets that have relatively no financial value at all.
Family heirlooms
The issue is that people often have a sentimental connection to family heirlooms. A book collection or a family Bible. A set of dishes or an old suit jacket. Adult children often have memories of these items from their own childhood, and they want to inherit them because of that emotional connection.
But all siblings can’t inherit the same family heirlooms, so disputes are common. They are also more difficult to resolve specifically because these heirlooms may not be financially valuable. It means that selling them and splitting up the money doesn’t accomplish anything – other than permanently removing that family heirloom from the estate.
When these disputes arise, family members who are involved should carefully look into all of their legal options and seek solutions that will help the process go smoothly. Sometimes, an equitable solution is there — but it takes an experienced eye to find it.