Many in California have seen families go through difficult times after a relative dies, and very few things are as painful as family members having disputes over inheritances. Communicating clearly can help prevent family feuds from erupting out of the hurt and sadness that death can uncover.
MarketWatch explains that a family member is often named executor of a will, and depending upon the amount of the estate, he or she may be due more money than other family members originally assume. In an effort to maintain peace, an executor should be forthright about the amount being claimed, rather than keeping it hidden from any other family members until the end. This will set up correct expectations, and also allow time for questions if there are any concerns about the amount.
As Forbes reports, when it comes to high-worth disagreements over family money, preparation can make all the difference if litigation is necessary. This includes having an experienced and trusted legal team, and can also include a forensic accountant and at times even communications professionals experienced in crisis management may need to be hired.
Understanding the assets at stake is of paramount importance. Regardless of which side of the legal battle a person is a part of, having complete and correct information is critical. Having an accurate valuation of any business interests is often necessary for settlements to be negotiated, although this can be an expensive step. Once the property has been divided, further contention could be prevented by having a complete transition plan in place.