Tips To Help Siblings Resolve Disputes Over Estate
Sibling disputes over estate usually occur when their mother or father passes away, and it is time to divide the assets. These fights can lead to lengthy and costly legal procedures if not taken care of. Not to mention they can significantly harm personal relationships.
Fortunately, there are ways parents can prevent this by taking preventive measures. If you have more than one child and are planning your estate, you must consult an estate planning lawyer South Jersey.
Tips to help siblings resolve disputes over estate
- A family auction.
If your children run into a dispute while dividing the assets, they can rely on a family auction to solve it. A family auction is a place where every family member listed as a beneficiary gets some amount of tokens. They can use these tokens to make bids on the assets. In an auction, one can understand which item they want more than the other. So, they place their bids accordingly.
- Gifting things throughout the lifetime.
If you want to avoid disputes between your children when you die, you may give them gifts while you are still alive. This not only avoids trouble later but allows them to enjoy the gift for a longer time. For example, if you have two daughters, you could give them precious jewelry on special occasions, such as their birthday or graduation. However, keep in mind that gifts too can have taxes if they are valued more than a certain amount. An attorney can help you understand this.
- Asset liquidation.
If children are unable to equally divide the assets between them, one of the best ways to ensure equal distribution is the liquidation of assets. If it is difficult to determine the value of an asset, they can sell them and divide the money between themselves. However, this option only works with things that do not have sentimental value. The last thing you want to do is sell assets with precious memories attached to them.
Mediation is a process where the involved parties collectively select a neutral third party to resolve the dispute. Basically, a mediator tries to understand both sides and find a middle ground that works the best for both parties. However, a mediator can only give suggestions, and the power to make the last decision rests with your children.
While there are many ways to resolve estate disputes, many siblings end up in court. There also have been cases where the entire estate was lost because of continuous lawsuits and siblings suing each other. To make sure this does not happen with your family, contact an attorney in South Jersey today.