Your family is everything to you. It is important that they are well taken care of even after you are gone. However, wills can get messy. There are many causes of trust and estate disputes that can lead to litigation. Litigation often involves costly probate law courts. A judge would have to decide who gets what assets in these courts. You would also need a probate lawyer. Besides being costly, this can be a time-consuming process. That is why it is important to set up a clear trust ahead of time with one of our trust attorneys.
Preventable Issues
Some of the most common issues surrounding trusts and estates are family issues. According to JD Supra, these issues can arise when the surviving partner to the deceased is not related to the inheritors by blood. The partner may receive the wealth which would subsequently be passed down to the other inheritors after the partner’s death. However, the partner may exhibit excessive spending habits and preserve the wealth poorly.
There may also be sibling issues after a guardian’s death. The siblings may bicker over the inherited wealth. This makes it difficult for the children to come to an agreement.
Another source of contention may be unfilled expectations. An inheritor may have expected more inheritance than what they were actually due to receive. Similarly, it may not be obvious why certain inheritors received more wealth while others received less.
Prevention
According to JD Supra, most trust and estate disputes can be prevented with proper preparation. This is why trust attorneys are so crucial. They can help clarify the trust ahead of time. This fixes issues such as unfilled expectations and uneven wealth distribution. Similarly, it can be beneficial to appoint an unbiased decision-maker ahead of time as a fiduciary. This will lessen or solve the problem of bickering children. It is also important to not create joint interests to prevent sibling issues.
More and more people are realizing that trusts are an excellent way to secure the future for their beneficiaries. According to Caring, people aged 18 to 34 just recently became as likely to have a will as people aged 35 to 54. You are never too young to start planning for the future. There are so many reasons to consider setting up a trust with a trust lawyer. They save money, secure the future, and prevent probate court. If these reasons resonate with you, it may be time to talk to one of our excellent trust attorneys.