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Avoiding battles over an inheritance

When a loved one dies, especially a parent, the last thing you want to do is fight over their possessions. If you have siblings, you’ve probably had your fair share of fights over the years, but now is not the time for a battle.

We’ve seen situations where siblings clash over possessions, sometimes taking the argument as far as the courtroom. There are better ways to handle these disputes. We’ve got a few tips for doing just that.

Have a plan

Hopefully your parents had a complete estate plan. It’s likely that many of their possessions have been accounted for according to their wishes. However, this likely won’t be the case for every little thing they owned. As siblings, it can be helpful to have plan. Taking inventory and determining what to do with possessions prior to your parents’ death can save you time and stress later.

Get on the same page

Not every family has a perfect relationship. Make sure everyone knows what your parents wanted done with their possessions. When it comes to large financial inheritances or property, you don’t want any surprises.

Determine value

You may not know what to do with some items, or even know what they are worth. Going through all the possessions and determining the value will help everyone feel like they are getting a fair deal. Some items may have more sentimental value to a certain sibling, and some may be worth money.

Inheritance conflicts often highlight the importance of an estate plan. Hopefully you are left with more answers with questions when a loved one dies, but either way it is important to stay organized and have a plan.

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The Law Office of Matthew C. Yu
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Torrance, CA 90505

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