Expensive assets can lead to estate disputes. For instance, maybe a parent has a net worth in the millions, but they leave 90% of their financial assets to one of their adult children and just 10% to the other. The sibling who received less may believe that they should have gotten a larger percentage, and they may challenge the estate plan on the grounds of manipulation, undue influence and things of this nature.
But it is very important for people to remember that assets do not have to be expensive to lead to a significant dispute. Family heirlooms and other assets with sentimental value often cause conflicts between beneficiaries, even though they may not have much value at all outside of the family.
Why do these conflicts happen?
The issue is that these assets are connected to a specific time in a beneficiary’s life. They have an emotional or nostalgic connection.
For instance, maybe there is a book series that the children remember reading with their parents when they were little. Yes, they could all technically go out and just buy another copy of the same book series. But they want those specific books to share with their own children, so they can become involved in a dispute over who gets to keep the collection.
These disputes are often very difficult to resolve. Selling the book collection and splitting up the money does not make sense because it is not very valuable, so none of the beneficiaries are after the money in the first place.
After a parent passes away, when adult children find themselves involved in an estate dispute, it is critical that they understand exactly what legal steps to take as they seek a resolution.
