There is no question that advanced planning of your estate and belonging’s is a good idea. If everything is spelled out to your family and it is fair, there will be no reason for them to have a conflict when you leave. Far too often this preparation is delayed, however, and families allow greed and selfishness to tear their family apart.
People do not realize what happens to a person’s estate once the owner is gone. The first process is probate advance, where estate planning attorneys determine who gets what. This process can take years and years, especially if all benefiting parties are not in agreement. On the other hand, if the owner had taken the time to prepare for this event, he could have spelled everything out and the attorneys would simply follow the instructions left.
If a son knows what his inheritance will be, and everything is stated in a will and/or trust, there is nothing for him to argue about with his siblings about what he deserves. Even if he doesn’t get as much as another sibling, there will be no question as to what the intention of the owner was.
Another scenario that is common involves the home of the deceased. If no legal actions are taken beforehand, this home will be a hotbed of emotion and argument. One sibling may want to keep the property in the family for sentimental reasons. Another sibling may want to sell it and receive their portion in cash. A third may think they deserve a larger portion because he was the one to maintained the property. According to estate law in RI, an estate plan must spell out exactly what is to be done with all assets, including the home.