When someone we care about passes away, the last thing a family wants is a lawsuit over assets. Unfortunately this can be a very real event, even with a will in place. Here are some tips to avoid estate lawsuits.
Treat Relatives Equally
When it comes to children and grandchildren, it is often the best idea to split assets among them equally. Choosing to help one relative more than others with assets from your estate may seem like a good idea, but can lead to hard feelings and even litigation.
Specify Who Gets What
If you want a particular person to have a piece of jewelry or a precious antique; say so. Leaving your possessions to be divided up amongst your next of kin by agreement might lead to arguments over who gets what. The more specific you are, the less chance for argument.
Write Down Debt
If you have lent money out to friends or relatives, keep careful track of that money. Make sure to specify if that loan is to be repaid or forgiven upon your death. This can be critical in preventing arguments.
Transfer Businesses Now
If you wish to leave your business to a specific friend or relative, do that while you are still alive by selling it to them or writing up a contract. It may prevent a lawsuit after you are gone.
Contact Stano Law if you have any legal questions or wish to discuss more ways to avoid arguments after you are gone.
