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A dispute could arise over an asset’s worth

| Jan 2, 2020 | Inheritance Disputes |

Many estate disputes happen when people want the same asset. Maybe one child felt like their parents promised them the family home, but then it went to someone else in the will. Children also fight over far more minor assets, especially when they have sentimental value.

Now, one way to get around this is just to sell all of the assets and split up the money. It may be impossible to divide the asset itself, but everyone can divide the cash that it brings in.

However, even this does not always prevent estate disputes. In some cases, people do not agree on the value of that asset, and they’ll feel that even the sale price is unfair.

For instance, when one woman’s mother passed away, she wanted to auction off a painting. Her father, though, attempted to stop the sale, even taking legal measures to do so. It still sold, but the woman felt that some people who may have bid neglected to do so because they were worried about that lawsuit. When it sold for just over $30 million, she felt the price should have been higher, and she wound up suing her father over that perceived loss of value.

Now, most people won’t be selling paintings that are worth $30 million, but the general lesson remains the same. The value of an asset can cause a dispute and may lead to legal trouble between family members.

If this happens, it’s very important for those family members to understand what legal options they have and what steps they can take to protect their wealth.