Avoid Family Squabbles Over Inheritance of Property

Inheritance of Property Without a Fight

Should you rely on “will power” to bequeath assets? Nope, the more complex your estate, the more ill-advised that choice becomes. Inheritance of Property is touchy, having only a will in place when you die may not be enough. Estate fights reduce inherited wealth for as many of 70% of families. Inheritance is no simple matter. In a simpler world, an individual with a $3 million estate could pass away and simply leave $1 million each to his or her children – enough said, over and done. But life isn’t so simple: one heir may deserve more money as a result of a disability or fate dealing out hardships, while another may truthfully deserve less due to his or her behavior, or his or her financial success.

Consider these Steps to Help Assets Transfer.

If you feel one heir should receive more of your estate than another, that wish needs to be articulated in your estate planning. Stating these wishes before you pass away (the why, the how, the how much) and letting your heirs know how you feel isn’t cruel – candor now is preferable to confusion and in-fighting later. Beyond money, what about possessions & real property? Homes, businesses, raw land, antiques, artwork, collectibles, heirlooms, and pets: your children and grandchildren may have different perceptions of their future value, and disagree on their destiny. Being clear about who is going to get what today (and why specific decisions are being made) may help defray potential legal challenges tomorrow. Consider leaving some things up to the kids. You could call in appraisers to set values for your real and personal property, make a list of those assets and their values, and subsequently allow your heirs to take turns choosing the possessions or properties they want to inherit. If a squabble breaks out between heirs over this or that item, you can settle it with a family auction – that item goes to the highest bidder when you pass away.

Here are Three options to consider to help you which your elder law specialist can help you with. Well if you don't have an elder law attorney? We may be able to help you to find the right match.

Revocable Trust

Will

Living Will

Custom Senior Living Help from Golden Placements:

In conclusion, Golden Placements helps you manage resources and multiple sources for living your best Golden Years. GPS has ideas gathered over years of experience by being Senior Life Specialists. Portland Senior Living and their various options from our Golden Girls specialists free to you. Here are more resources to help you learn more about our services:

• Golden Placements RESOURCES to find CARE Services – Quality locations for you Senior Loved One with the Golden Girls
• Senior Living Near Me - Adult Home Placement
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• Staying at Home or Retirement Communities -- Explored by our friends at Investopedia

LaVona Tomberlin, Senior Placement Specialist

Tomberlin brings a high level of education and experience to you as your Senior Placement Specialist at GPS. She loves writing about improving the lives of Elderly working in private care and in-home care for over 36 years. Geriatrics, Memory Care. Plus, she holds Master of Psychology Behavioral Health with the goal of advocating for those who needed a voice. Basically, LaVona believes helping the families to make good decisions and to relieve their stress in uncertain times makes life worthwhile!

Learn More: Read articles from Placement Specialist LaVona: End of Life Transition a heart felt Guide