Birmingham – According to Alabama.com, the recent meeting of estate planning professionals, Peter Wright, a probate specialist of Sirote & Permutt, P.C., raised issues on the increase of lawsuits filed by children after the death of family member.
The following are cited reasons during the meeting:
Poor Family Communication. The poor communication between children and family members is a top reason why they end up suing each other over the estate money. Parents, while living, don’t discuss their wills and finances with the children. Instead of explaining to them of their shares over the money; parents just leave the will and let the children fight on it, either in court or other ways.
The philosophy “We'll let them sort it out after our death” has become the source of problem. There are parents who don’t even have wills for guidance of their children. To reserve the problem, parents should discuss and meet with children before deciding on the will or estate money.
Unequal Distributions. There are many bad reasons as there are good reasons why parents leave their estate in an unequal pattern. For one, children who are involved in running businesses should get bigger shares that those who don’t run the business. However, parents should talk this over with the children. Otherwise, children will be fighting each other to get the biggest share of the state.
Others are in Good Hands. There are instances that parents consider the financial status of children in deciding over estate money. Parents give bigger share to whoever is suffering financially. To avoid this, buying financial life insurance is a better option.
Incapacity. For parents who suffer AZ, the will can be contested by children. It is very important to write the will years prior to old age. You don’t want to mess with the problem of incapacity before the court.
Disinheritance. Seldom in the West, but common in the East, disinheritance happens when a child does not give what parents expect. To avoid confusion, parents should state reasons of disinheritance in the will.
Providing Care. For children who care for their parents in old age, estate money is a good favor. To avoid problems, list down expenses incurred in caring for parents and let it be reimbursed from the estate money.
If you or someone you know has a problem with estate planning, find a good estate planning lawyer now to handle these issues.
