When your parents pass away, their assets are often divided between their children. However, if there’s no will to answer any legal questions that may arise siblings can fight over the assets. Some even take the matter to court. It would be great to avoid these battles because, in many cases, a fight over an estate between the siblings can end their good relationship and enrich attorneys instead of family members.
The Legal Reader’s recent article entitled “Tips to Help Siblings Avoid or Resolve an Estate Battle” says that the following tips can help people in this situation or assist them in preventing the fight entirely, when there are no instructions for the distribution of certain assets.
Use a Family Auction. With a family auction, siblings use agreed upon “tokens” to bid for the estate items they want.
Get an Appraisal. The division of an estate between the siblings can get complicated and end in a fight if the siblings want different pieces of the estate and have to work out the value difference. If, for example, the siblings decide to split the estate unevenly and one gets a car and another a house, it’s worthwhile to engage the services of an appraiser to calculate the value of these assets. That way, those pieces of smaller value can be deducted from ones of higher value for fairer distribution.
Mediation. If siblings historically don’t get along, they may battle over every trinket left as an inheritance, no matter how immaterial. In that case, you should use a mediator to help divide the estate fairly without a court battle.
Take Turns! Sometimes, if there are several siblings involved in the division of assets, they can take turns in claiming the items within the estate. All siblings naturally have to agree to the idea with no hard feelings involved. Just like Mom would have wanted!
Asset Liquidation. If everything else fails, the easiest way to divide the assets and the estate between the siblings is to go through asset liquidation and split the proceeds.
As you can see, there are a number of ways to deal with the division of the estate and assets and prevent the legal battle between the siblings. To avoid hard feelings, stay calm, be reasonable and ask your siblings to act the same way. Perhaps it also might be a good time to speak with an experienced estate planning attorney and create estate planning documents now to avoid arguments.
Reference: The Legal Reader (Aug. 24, 2020) “Tips to Help Siblings Avoid or Resolve an Estate Battle”