The family is one of the most basic society units, and most of us will associate our identities with our family. Of course, a part of having a family also has land, property, and shelter than we can be comfortable with.
Even though you might be close to your family or siblings, there will come a time that tensions will run high between you and your siblings. That is especially true when the sole proprietor of the property and estate dies. If there is no will, this can create legal complications that can put family members at odds with each other.
When a parent dies, most family members will fight over land and property that has been left behind by the sole proprietor. As such, it’s only rational that we prevent any disputes that might happen in the future. Fortunately, there are several ways of avoiding and settling estate battles and conflicts.
Estate Planning
I’m sure that most of us don’t want to get into any legal scuffle with family members. Not only will this cost an excessive amount of funds, but this can also “burn bridges” with individuals that we have known for most of our lives. Having family members by your side can open up different prospects shortly.
What’s one of the best ways of averting any legal crisis with your family? Planning before the death of a land’s proprietor can address many legal entanglements that might arise. It’s crucial that your parent, who is the estate owner, will have a will that will explicitly specify what amount of land a particular sibling will receive in terms of property.
Some essential questions that need to be asked are:
- Who will inherit the house?
- If there is a business, who will be the one to inherit it?
- Who will inherit your parent’s worldly possessions?
Almost all of these questions can be answered quickly with a will.
Other times, the proprietor will sell the home, and the gains will be divided evenly with the siblings. Certain countries will have rules in disinheritance, while states have legal challenges if a sibling will not inherit anything. As such, it’s only necessary to discuss this with their next-of-kin.
It’s important to note that legal action should be the last resort for these types of situations. If the case can be resolved without any legal action, it would be better for you and your family. Not only will this help save a much-needed time, but you’ll have more time for other more pressing matters in your life.
Suppose you’re not sure about the steps you can take when reaching out to different family members disputing for land. In that case, you can always consult family lawyers who specialise in these scenarios. Having professional help and supervision can help simmer down tensions between you and your family.
Trust
Another known practice is establishing a trust which will help specify who will inherit specific properties after an individual’s death. Most parents who inherit land will have a revocable trust and can be revised and changed as any given time up to death. However, the parent must remain non-disabled and able to think for themselves.
The asset will go automatically to the child when the parent dies if a parent will place the property in the two parties’ joint names. That can be done through a variety of different accounts, usually through bank accounts and real estate.
What If There’s No Will or Trust?
There will be instances that a parent will not leave any will on how assets should be divided. That might cause problems in how specific properties might be divided among family members.
No worries, there are still different ways of dividing your land and property without having to take any legal action.
- Mediator — A mediator doesn’t necessarily have to be a family lawyer. Having a round-table meeting with all family members can help resolve.
- Liquidating Asset — If family members cannot reach a consensus, an option is to sell particular assets and splitting these assets’ proceeds.
- Taking Turns With Inheritance — This is one of the older strategies. Although it might seem informal, it’s easier to reach a solution. Each member will take turns picking one item.
Overall, there are different ways of averting a legal crisis with your family. Liquidating assets, taking turns inheriting heirlooms and properties, or having a legal professional be the mediator for different parties are just ways of preventing estate battles and settling cases. There are still various ways of dividing land; it’s best to ask a legal or real estate professional.
It’s essential to have a friendly and civil conversation with family members on how land should be divided at the end of the day. Effective communication and reaching a middle ground can help stop any legal actions.
