Tips to Avoid Inheritance Disputes
Losing a loved one is a source of misery and anguish. The sadness multiplies when the conflict starts to ensue between family members. The conflict disrupts when family members argue over the deceased's estate.
The problem arises when there are different interpretations of a Will. Some want to take more than they deserve, and some take less than they deserve. There is no fairness in handling the heirloom.
Researchers found that 33% of Singaporeans are suffering from family disputes over inheritance. The research says that we can avoid more pain by taking few precautions.
Before the loved one departure, he could leave a letter or video to explain his logic. Clear communication would end any tension before it starts. Easy to understand instructions would save the family from alienation.
The research reveal that the main Wills arguments are:
· Conflict of viewpoints about the how a fair distribution should be.
· What the deceased really wanted.
· Some family members want specific items because they hold a sentimental value such jewellery.
· The deceased handed over an asset for using and managing.
· An heir with unethical behaviour.
· What can you do to avoid the situation without losing your sanity?
In my experience as a lawyer, I have seen many Wills that complicate the matter. In such a way that if these Wills never existed it would be better. The Will must be clear and concise, or else do more damage than good.
To avoid that, it is crucial that people write a clear will. Explain in full detail the logic behind their choices, and notify the heirs early on. They should write about the divisions of assets, so there's no room for guessing.
Just think about it, if you do not discuss these matters while you are alive. How do you expect your family to understand them when you are gone? Escape from "jokes" and "riddles." Imagine what would happen, and avoid potential areas by addressing them. Don't expect them to understand your intentions, be straightforward about your wishes.
One more thing, ensure that your Will is up to date, and how you manage your wealth by using clear terms.
Aim to leave a happy legacy for your family, and not reasons for fighting.
Have a lawyer review your Will every month. Keep in mind that changes happening over time. Acquiring new assets, or selling them, births, deaths. You want to consider every angle.
The Will that is evident, and updated, will leave little room for disputes. A clear division plan of assets and the reasoning will go a great way for you and your family.
All in all, be vigilant, handling the legal side is emotionally stressful. Thank God for lawyers. You can ask for legal advice to avoid the headaches and spare your family more grief.
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