After the unfortunate passing of a loved one, that loved one’s estate is typically distributed among family, friends, and charity. When it comes to distributing the estate among family, it can get ugly. Some family members think they may be more deserving than others, and a rivalry can form. However, there are a few things you can do in advance to help avoid this situation. Here’s how to avoid sibling rivalry over an estate settlement.
- Connect With Advisors – It’s important for you to connect your family members with your financial advisors, attorneys, or bankers in order to form a relationship and aid the process of distributing your estate. It’s also a good idea to inform your loved ones of any paperwork left behind that your advisors may need in the future.
- Communicate Wishes – It’s common for many disagreements to come to light when one family member thinks he or she knows what you would have wanted. This is when it’s a good idea to have a family meeting and communicate what your wishes are, such as whether you would like your home to be kept in the family or sold and have them split the profit. Having this communication beforehand will clear up any uncertainties later and prepare them for what you want without any surprises.
- Impartial Trustee – It’s common for a parent to appoint a child as the trustee or executor of your estate. However, it is recommended to appoint a trustee who is impartial and has no family or legal interest in the estate. When a child is appointed as an executor, the situation quickly can turn to conflict.
We hope these tips will benefit the distribution of your estate settlement. If you have any questions regarding estate settlements, and the services we provide, please contact us at James M. Snow Law today.