Many people may associate wills with making final plans. However, if one wishes to avoid some trust and estate litigation matters, then setting up a trust and sitting down with loved ones may go a long way. New York families do have resources available when they decide it is time to make these types of decisions.
When parents of more than one child decide to determine how they want their assets and worldly possessions distributed, the majority of the time, they tend to try to make things as equal as possible. However, there are situations that exist when equal may not be the best option. Parents may believe that one offspring is more in need than another. Or, one child may need the financial resources due to a handicap of one kind or another. Whatever the reasons, if a will is used to divide an estate unequally, that may leave the door open for an acrimonious probate process.
Parents who require a stronger tool for dividing their assets and property may elect to use a trust. A trust can help avoid challenges when relatives are not happy with the choices that were made. Most trusts are less likely to be successfully challenged in a court because of the way it is structured with all assets signed over to the trust first. Also, it is a more private process. When a will is employed, the children are all notified — whereas notification is not sent out when a trust is used.
Families who may be considering an unconventional inheritance plan may also decide to forewarn all parties involved in order to possibly avoid hurt feelings. In the end, it is up to the owners of the assets to decide how and in what manner an inheritance will be disbursed. New York residents who are planning to draw up their own estate plans may wish to consult an attorney who is experienced in drafting estate plans, in order to avoid the possibility of future trust and estate litigation matters.
Source: recordonline.com, “Bonnie Kraham: Trusts can help avoid family feuds over inheritances“, Bonnie Kraham, April 12, 2017