Inheritance disputes can ruin relationships for life
Inheritance disputes can strain family relationships and deplete estate assets. But you can take simple steps to avoid the in-fighting. Here’s how to implement an estate plan to minimize conflicts.
How to minimize inheritance disputes
1. Draft a clear and legally sound will.
A well-drafted will is essential. In Wisconsin and Minnesota, ensure your will is in writing, signed by you, and witnessed by two individuals.
2. Consider creating a trust.
Trusts can offer greater control over asset distribution and may bypass the probate process, reducing the potential for disputes. Both states recognize various trust forms, such as revocable and irrevocable trusts, that can be tailored to meet specific needs.
3. Regularly update estate planning documents.
Life changes — like marriage, divorce, or the birth of a child — necessitate updates to your will and other estate planning documents. Regular reviews ensure your estate plan reflects your current wishes and complies with any changes in state laws.
4. Itemize personal bequests.
Frequently, estate disputes center not around the major items of value, but rather around items that have more of a sentimental value. Mother’s rings, hunting or sporting equipment, and works of art may not have a large cash value but may cause heartbreak and disputes among heirs if the donor didn’t make it clear which items are to go to which heirs. Don’t assume that your heirs will “work it out among themselves.”
5. Communicate your intentions clearly.
Open discussions with heirs about your estate plan can set expectations and reduce surprises. While these conversations might be uncomfortable, they can prevent misunderstandings and potential conflicts after your passing.
6. Appoint a neutral executor or trustee.
Selecting an impartial executor or trustee can help ensure fair administration of your estate. Consider choosing a professional or a neutral third party to manage your estate objectively, especially if family dynamics are complex.
7. Include a no-contest clause.
A no-contest clause can deter beneficiaries from challenging your will by potentially disinheriting those who contest it. Keep in mind that while no-contest clauses can deter frivolous challenges, they may not prevent contests based on legitimate concerns. Be sure to consult with an estate planning attorney familiar with state laws to understand how such a clause might work in your specific circumstances.
8. Seek professional legal advice.
Estate planning involves navigating complex legal landscapes. Consulting with an attorney experienced in Wisconsin and Minnesota inheritance laws can ensure your estate plan is comprehensive and legally sound, reducing the likelihood of disputes.
Secure peace for your family's future
By taking these steps, you can help ensure that your assets are distributed according to your wishes and minimize the potential for inheritance disputes among your relatives.
