![]() |
|||
| Thought Leaders: Law | |||
| Estate of Confusion
Jordan Atin, Barry Fish and Les Kotzer 04/01/2007 |
|||
Everyone has heard their fair share of stories about children fighting over the estate of a deceased parent, but can you imagine a son ending up in jail because he refused to give his siblings their fair share of Dad’s prized deer antlers? This may sound farfetched, but when it comes to inheritance disputes, this is just another real-life example of the turmoil that can transpire in families when death, money and sibling rivalry mix. For many children, a parent’s will is interpreted as the ultimate verdict on the quality of a lifelong relationship. Offspring perceive these words from beyond the grave as the reflection of a parent’s confidence or distrust, pride or disappointment. A large gift (or, alternately, one that is smaller than expected) is viewed as either a reward or a reprimand. You might think that this kind of disorder could never occur in your family. It could. As estate lawyers, we see it all: from stepchildren who can’t wait for their stepmother to pass away so they can get their share of Dad’s estate, to siblings who sue each other—and their own parents—to acquire control of Mom and Dad’s assets. These cases are becoming more and more common as baby boomers anticipate inheritances from their Depression-era parents. The fighting may not just be over whether the will is valid or not. Often, the child chosen as executor faces the brunt of hurt feelings from the other children who were not selected. Disgruntled siblings frequently target the executor with their criticism and civil lawsuits; they will use any means available to even the score for not being Mom’s or Dad’s chosen one. An executor who is initially honored at being appointed can potentially face personal financial ruin when the stocks that the estate owns drop in value and the beneficiaries take him to court. Dodging Disagreement Smart parents can and should take action if they expect one of their children to cause an estate dispute. If a parent decides to exclude one child from the will or living trust, for example, Mom or Dad should consider leaving a gift to the excluded child’s children. Thus, if the excluded child decides to challenge the will, he will be attacking his own children’s gifts. By the same measure, there are things children can do after their parents pass away to limit the emotional and financial damage of an estate dispute. These include:
Family is the most valuable asset one can have. Sadly, far too many families are needlessly destroyed over an inheritance. But by understanding the complex emotional, legal and financial issues involved in estate disputes, many families can be saved.
|