Estate and trust disputes arise when there are two parties with conflicting interests. One typical example of estate and trust disputes is a dispute between siblings upon the distribution of property when a parent dies. To resolve and avoid these disputes, there needs to be proper planning and strategy. Here are some of the common ways these disputes can be resolved peacefully.
4 Ways to Resolve Estate and Trust Disputes
Here are four ways to resolve estate and trust disputes:
Litigation is the traditional means of coming to a resolution. However, in some cases, this process adds fuel to the fire and worsens the situation. This stance is usually taken in situations where the relation between the two parties is already hostile and tense. It’s important to understand that ligation may not result in the best interests of both parties. Since there are several other ways to resolve conflicts through legal means outside of litigation peacefully, litigation should be a last resort.
2. Hire a Mediator
One excellent way to resolve conflict without full litigation is to hire a mediator. After a loved one dies, disputes between beneficiaries can occur from basic disagreements. To resolve these types of conflict, a mediator can be a great resource. A mediator is a neutral third party that assists in resolving disputes by suggesting to attorneys how the conflict can be resolved. Hiring a mediator is often looked upon as a more proficient and less expensive way to resolve these disputes. It doesn’t just cost less money. Hiring a mediator also offers a less conflictual way to resolve a conflict between the two parties.
3. Liquidating Assets
Another way to make peace between disputing parties is to liquidate the assets. Most of the time, some assets might hold more financial or sentimental value compared to others. Although there may be no intention of the deceased to differentiate, this might happen unintentionally. This issue can be resolved by liquidating the assets. When both parties agree to this, the assets are liquidated and divided fairly among the conflicting parties.
4. Divide Household Items Fairly
Another way to resolve a conflict between two parties is to divide the household items fairly with mutual agreement of both parties. For example, things like beds, wall clocks, cupboards, or valuable and cherished items are to be divided with the consent of both parties. Again, a mediator can quickly help with this process.
How Can These Disputes be Avoided?
It is better to opt for strategies that can avoid conflict rather than finding ways to resolve them. This can be done through proper estate planning. Disputes after the death are often caused because of poor or no planning. This leads to hostility between conflicting parties fighting for equal distribution of assets.
To avoid all the hassle amongst your beneficiaries, proper planning is essential. This can be done by contacting an estate planning attorney who will offer you the best and most convenient ways to avoid disputes later. An estate planning attorney can help you create a thorough and effective estate plan for equal distribution of assets.
Contact Derryberry & Associates for Your Estate Planning Needs
Whether you want to ensure proper estate planning or need help resolving a dispute, our reliable Lancaster probate attorneys have the expertise to get you the best results. Contact us today for a free consultation.