When an inheritance dispute occurs, it’s important for those involved to know what rights they have, what steps to take and how to resolve things as quickly and smoothly as possible. They must be aware of the fact that it can cause lasting damage to the relationships in the family, and they need to work to limit that damage.
Most parents think this could never happen to their children. Meanwhile, financial experts note that it happens quite frequently.
For example, maybe a parent has three children. The parent owns a home in Seattle. They decide to leave it to all three children so as to keep things even and show them that they love all of their children equally.
What really happens? One child feels thrilled and wants to keep the home in the family forever, but they do not want anyone to live in it. Instead, they view it as a meeting place for family gatherings.
Another child does not own their own home yet. They want to live in that family home, and they think they should get to do it without paying the other two siblings — who do have their own homes already.
Finally, the third child does not want the house at all. They don’t want the stress, they don’t want to pay the taxes and they think they should just sell the home. They want to take the money they earn and invest in a business.
As you can imagine, the result is a feud between the three children that is difficult to resolve. Those caught up in these disputes need to understand all of their options.