Inheritance disputes can be time-consuming, expensive, and emotionally taxing on the surviving family. They can eat up years, many thousands of dollars as well as your peace of mind.
Fortunately, proper estate planning can help reduce and usually prevent disputes from happening.
HOW TO AVOID INHERITANCE DISPUTES
- Talk openly and honestly with family members about your wishes and plans, especially with your children and stepchildren.
- Don’t wait to set up a comprehensive estate plan.
- Attempt to divide your estate fairly among surviving relatives, and be open about any family estrangements.
- State your reasons for why you’re dividing your estate the way you are in your Will or by including a letter of instruction, especially if you’re not dividing assets equitably.
- Talk to family members ahead of time about any items they want for sentimental reasons and make those wishes known to everyone involved.
- Make the difference between family loans and gifts clear.
- Avoid joint ownership unless discussed and fully understood by those affected.
- Keep your Will and estate planning up-to-date and consult an estate planning lawyer as needed to ensure your Will complies with provincial requirements.
Note: The information in this blog is not legal advice. Consult a lawyer for advice for your situation.