After a parent or loved one dies, sometimes the remaining family has a difficult time deciding how to distribute the estate. Finding a way to resolve trust disputes can be difficult, but it is important to remain calm.
Dividing up estates can bring up new challenges or a range of old emotions that relatives may have been hiding for years. If you wish to avoid this type of drama, follow our advice in this article on how to avoid trust disputes.
How to Avoid Trust Disputes
The easiest way to avoid a trust dispute is for there not to be an actual dispute in the first place. With some prior planning that clearly lays out the person’s wishes for their property after death, many of these issues can be avoided.
If a loved one decides to split the estate unequally, having a plan in place can make sure the property is divided how they choose. They can also state their reasons for the unequal division.
A trust can protect your estate from taxes and keep it out of probate court. There are many types of trusts available. Each trust can pass down assets after death to the remaining family members. A trust attorney can help decide which type of trust is right for you.
Finally, adding a letter of instruction with the estate planning is vital. The letter can name a trustee and further explain the reason why the assets are being divided. This usually helps avoid family conflicts with remaining family members and heirs.
Hire a Mediator
Sometimes even the best estate planning can still result in disputes. When this happens, it might be time to hire a mediator.
A mediator is a neutral third party who has a legal relationship with the deceased but not a family relationship. These individuals can often think outside the box and find solutions to conflicts the family may face.
A mediator costs far less than a lengthy legal battle in court, and it may be all your family needs to settle a trust dispute on their own.
It’s important for all sides to side down and work together with the mediator to find a solution. You must trust the mediator has each member’s well-being in mind as they work to find common ground.
Choose a Fiduciary
When there is a problem because one of the children has been named the trustee, it may be solved by hiring an independent fiduciary instead. Fiduciary duty usually falls to an estate-planning attorney who can act as a neutral person in this role.
The attorney will use his or her legal capacity to help keep the process equal and the division of the assets as neutral as possible.
Talk with a Trust Attorney
Most families can work through trust disputes without going to court. All they need is a little help and guidance from a trust attorney.
A trust attorney will help family members understand their rights and can take action to dispute a will if necessary.
Estate division is never fun, but we hope you found this article to be helpful. Check out our latest updates from law firms across the globe by clicking here.
