${site.data.firmName}${SEMFirmNameAlt}
Call To Schedule An Appointment
Cherry Hill856-673-0048
Linwood609-398-3447

Will family members end up fighting over an inheritance?

Many New Jersey residents know that their family members may end up arguing about their inheritance. Even if each inheritance is equal in value, those who are receiving them may not think so. One way to limit -- or eliminate -- those rivalries, is by being open about estate planning.

The problem with family members arguing over their inheritance is that it can quickly diminish the value. Timely and expensive court battles require the estate to spend more money. Further, the executor will spend more time and money maintaining the assets on behalf of the heirs and beneficiaries, which could affect an asset's value. At least a portion of these court battles are fueled by a misguided belief that how much each person inherits is a direct reflection of how much the individual loved him or her.

Often, this is not the case at all. Parents in New Jersey may decide that one child needs more assistance than another for numerous reasons. Explaining the reasoning behind these decisions could prevent arguments later. Another technique that many people use is to create a detailed list of assets, gather their intended heirs and let them choose the assets they want. An agreement can be made that, if more than one person wants a particular item, the final decision rests with the person from whom it will be inherited.

Once all of the decisions are made, they can be documented using a variety of estate planning documents. The way those documents are constructed could make the difference in forestalling arguments among the heirs and beneficiaries. The options for leaving an heir his or her inheritance are numerous. Ultimately, a well-documented estate plan can give everyone the peace of mind they are looking for.

Source: MarketWatch, "How to prevent family feuds when it comes to your inheritance", Glenn Ruffenach, Sept. 29, 2014

No Comments

Leave a comment
Comment Information
Law Offices of Nancy M. Rice
Representing clients in Ocean City and communities throughout New Jersey.

LOCATIONS

Law Offices of Nancy M. Rice
1236 Brace Road, Suite F
CHERRY HILL, NJ 08034

Phone: 856-673-0048
Fax: 856-673-0052
Map & Directions

Law Offices of Nancy M. Rice
Linwood Professional Plaza
2021 New Road, Unit #9
Linwood, NJ 08221

Phone: 609-398-3447
Fax: 856-673-0052
Map & Directions

Cherry Hill Office

Contact the firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy