Choosing the executor of a will is a big decision to make. The person writing the will needs to select someone who is financially responsible and trustworthy. It can be difficult to find someone willing to take on such a responsibility, which is why the American Bar Association makes the case for hiring a paid executor.
You may recognize that retirement plans and insurance policies do not receive quite the same treatment as wills when someone dies. In fact, while a will may have to go through probate, an insurance policy or retirement plan might avoid court scrutiny.
When someone you love passes away, his or her estate may go through probate before distribution. Probate is sometimes costly and time-consuming. It can also result in various disputes among beneficiaries.
Every adult should create a will laying out where assets and money will go to upon the writer's death. While the individual should do everything in his or her power to ensure it is a fair and equitable division of assets, disputes can arise from anything. Sometimes siblings, children or spouses feel left out or feel they should receive more.
A contested will can do a lot of damage to a family. When a family member challenges a will, it can bring the worst financial, legal and emotional nightmares. Estate disputes can often last for years.
If we lived in an ideal world, all disputes would be easy to resolve and families would not get in contentious battles after a loved one’s death. This is often exactly what happens, though, and there are a variety of reasons. Regardless of what led to this point, if you are in such a situation, you should be aware of your legal rights and hire a legal representative if necessary.
Unfortunately, it is common for families to fight over estates. They might argue over who gets specific pieces of property or whether the will is even valid. Once you pass away, you want your loved ones to be happy – not having contentious arguments. If you want to reduce the chances of your heirs fighting, you can follow some simple steps.
In a perfect world, your children would turn out just how you wanted, and you would be able to quietly pass on with the assurance that they are doing what you preferred with your assets and money. Unfortunately, in real life, this is not always the case, and there are times when you may need to consider disinheriting your children to protect the estate you have worked so hard to build.
Many times, family members do not know the content of a will until the person passes away. Although no one wants to consider that someone could exploit a loved one, it happens. If the will-maker was exploited or taken advantage of in estate planning, the relatives who suspect this can go to probate court to show undue influence. If the judge agrees, the will could be invalid.