Tennessee siblings who lose a parent may find themselves in an unfavorable battle over the assets of their parent’s estate. Sibling disputes are not uncommon and can be very expensive legal actions. It’s best to try to avoid these disputes by properly preparing.
What can parents do?
Parents can set the tone for dividing up their estate after their passing. Sitting down and undergoing the estate planning process can help to address many of the issues that would arise about distributing assets after their passing. During this process, it’s important for parents to speak to both children and make it clear who will be getting what. This helps to ensure that each child is getting what they actually want and that it’s discussed prior to your passing.
You’ll need to construct a will in order to spell out exactly what is going to happen to each one of your assets. Your estate planning attorney may recommend setting up a revocable trust or even putting in an asset in the joint name of you and the child in order to allow the asset to automatically pass on to the child.
A necessary third-party executor
Parents who believe that there may be a sibling dispute during the probate process should consider selecting a third-party executor. This helps to keep neutral ground in regards to the will and its execution. In addition, choosing an executor that both siblings respect can help to keep the peace throughout the probate process.
Unfortunately, sibling disputes do happen over their parent’s assets once the parent dies. By taking the time to properly prepare your will and instruct your children about what your wishes are, you can help to reduce the number of disputes that happen after your passing. It’s always advisable to speak to an attorney to determine what your best financial strategies are for passing on assets and preventing disputes in the future.