Seventy Percent of Families Fight over Inheritance

 Posted on November 26,2014 in Estate Planning

According to projected statistics, more than $30 trillion will be passed from the baby boom generation (those born between the years 1946 to 1964) to their children and other heirs. How those baby boomers handle their estate planning could make a big difference in how much of their assets go to their heirs and how much is eaten up in legal battles.

A study that spanned over twenty years revealed that almost 70 percent of families lose a portion of their inheritance due to some kind of fight over the estate in which they are inheriting. And as some legal advisors point out, the battles are not always about money. Often, items such as a piece of jewelry or other heirloom can be in the middle of a contested battle between heirs.

One of the best ways a person has to help ensure that there will not be a legal fight over their estate once he or she has passed is to make sure their specific wishes have been clearly spelt out in a will, as well as to their heirs. A good way to ensure nothing is overlooked is to make a list of all financial assets and what should be given to whom. Additionally, include not only bank and savings accounts, but also brokerage and retirement savings accounts, and life insurance policies. Next on the list should be any real estate you own, as well as any other expensive property, including jewelry, furniture, heirlooms, art and clothing.

It is also important to talk to your children to make sure that the items you are planning on leaving to them are items that they will want, or to make sure there is not an item you are leaving to one child that another child really wants, such as a certain piece of jewelry that may have sentimental value.

When deciding what will happen to your assets and property when you are no longer here, it is important to consult with an experienced DuPage County estate planning attorney to help avoid drawn out legal battles over your estate. Call 630-665-2500 today to schedule you consultation.