Inheritance Conflicts: Navigating a Legal Dispute Over a Trust
Nearly 60 percent of families have conflicts over their inheritances when their testators pass away without a will or trust in place. Many people believe that estate planning can help prevent those disputes. Sometimes, that's certainly true. Estate planning gives people's beneficiaries a set-in-stone, legally binding rundown of which heirs get which assets when they pass on. That being said, studies show that about 70 percent of families who do have wills and trusts in place still fight over their inheritances, and many of them end up losing a significant portion of their bequests while trying to resolve those disputes.
In some cases, greed is the motivator that lies behind those conflicts. Other times, certain family members feel left out or shortchanged, and that leads them to fight for what they feel is their rightful share. On the other hand, trustees sometimes mishandle the inheritances they're in charge of. Those are only a few of the factors that tend to fuel disagreements like these. Understanding how to navigate a legal dispute over a trust and successfully resolve it can help keep family friction and other repercussions at a minimum.
Communication Is Essential
For one, as is the case with almost every aspect of life, communication is the key to resolving conflicts over inheritances. Family members need to be open and honest with each other. They should express their own concerns while listening to those of others who are involved. They need to work together toward a solution that's acceptable for everyone. In some instances, that may require help from a professional mediator or another neutral third party. After all, emotions tend to run high in negotiations like these. Honesty and open-mindedness can go a long way toward successfully finding a solution.
Professional Legal Guidance Is Invaluable
Another crucial factor in dispute resolution is legal guidance. Estate planning attorneys can help families understand the finer details of wills and trusts. They can also help everyone understand each heir's rights and responsibilities. For those who believe they didn't get their rightful share of an inheritance or who feel that someone who was included shouldn't have been, attorneys can help sort out those issues as well.
At the same time, lawyers can handle situations in which trustees or custodians may have breached their fiduciary duties. They can help determine whether a testator was of sound mind when creating a trust and whether he or she may have been unduly influenced in the process as well. Estate planning attorneys fully understand the legal complexities of wills and trusts, rightful heirs, and other important factors. They're also skilled at helping clients better understand them and ensuring not only the testator's wishes but beneficiaries' rights are kept at the forefront. With that being the case, they can be invaluable resources for effectively resolving disputes.
Communication and Outside Intervention for Legal Disputes Over Inheritances
Whether a person has a plan in place for how his or her estate is divided among heirs or not, hard feelings, disputes, and other problems are bound to arise. Estate planning can help keep them at a minimum, but it may not eliminate them altogether. Communication is an important part of the dispute-resolution process. Beyond that, professional intervention, such as mediators and attorneys, can make a world of difference. It may be the key to ensuring an equitable outcome for everyone involved.
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