Unfortunately, due to hidden resentments, siblings still tend to end up in court suing each other and losing great chunks of their inheritance in the process all too frequently.
Once the parents pass away, their assets have to be divided between their children. However, when there’s no will to solve these legal matters, siblings can find themselves arguing and battling over the assets and estate(s), and even take the matter to court. Of course, it would be ideal to avoid such disputes as one too many cases have shown that estate battles between the siblings can end their good relationship. The following tips can help those in this situation or assist them in preventing the battle entirely in the first place.
Utilize the Family Auction
In the case when siblings are given the responsibility of asset and estate division on their own, a family auction can help them divide the estate properly without arguing. Essentially, a family auction allows the siblings to use the tokens in order to bid for the estate areas they’re interested in. That said, if one sibling only wants a house, one a car, and another one a farm/yard area, they can bid all of their tokens toward the specific division.
Go Through with an Appraisal
Again, the estate division between the siblings can get really complicated and end in a dispute if the siblings want different parts of the estate and have to deal with the value difference. For example, if the siblings decide to split the estate unevenly in terms of available assets such as one getting a car and another a house, it’s crucial to hire an appraiser who’d be able to calculate the worth of these assets so that the ones of smaller value can be deducted from ones of higher value for fairer distribution.
Mediation to the Rescue
There are instances when siblings don’t get along from the get-go due to some unresolved issues in the past. It’s not uncommon that in these cases siblings fight over every single item left as an inheritance, no matter how small or cheap. This is where hiring a mediator can make a huge difference and help divide the estate fairly without battling it out in court. It’s important to note that estate planning Arizona allows the mediator to act as an estate planning lawyer for the parents even after they’ve passed away. They will then proceed to divide the estate personally but without emotional involvement. As such, there won’t be room for disputes and legal battles between the siblings either.
Take Turns If Possible
Sometimes, if there are many siblings involved in the division of assets and the estate after their parents’ passing, siblings can take turns in claiming the items within the estate. Of course, all siblings have to accept this idea with no hard feelings involved. The order of choosing can go from the oldest to the youngest. For instance, if there are three siblings dealing with the asset division, the oldest can name one thing they want, and then the middle child can do the same, followed by the wish of the youngest. To make things easier, it would be effective to go room by room when it comes to the items inside the estate before it’s time to discuss other measures for the actual house, car, and so on.
The Simplicity of Asset Liquidation
If all else fails, the easiest way to divide the assets and the estate between the siblings is to go through asset liquidation and then divide the money equally. If the siblings are not too caught up in the sentimental value of the estate and assets, they can decide to sell everything in order to get monetary value from the inheritance, thus allowing them to divide the said value in a fair manner and with no disputes.
As explained above, there are plenty of ways to deal with the division of the estate and assets and prevent the legal battle between the siblings. Unfortunately, due to hidden resentments, siblings still tend to end up in court suing each other and losing great chunks of their inheritance in the process all too frequently. If you are in the situation where you have to divide assets with your sibling(s), do your best to remain calm, collected, and logical, and try to influence your siblings to act the same.