House sales aren’t the only inheritance-related issue families fight about.
“I often work with properties where siblings are selling the family home after a death of a parent—and over the course of my career, I have seen a variety of squabbles,” says Nikki Beauchamp, associate broker at Sotheby’s International Realty in Manhattan. “Some of the largest issues come from arguments over contents.”
To keep the peace, Ross recommends siblings flip a coin or take turns selecting one item they want to keep when dividing things up. “But if the siblings do not get along,” he adds, “I’d recommend hiring an estate sale company to sell everything in the house and distribute the money evenly.”
Missing contents
Another frequent bone of contention among siblings is items that go missing. “Many times, Mom and Dad had a house full of stuff, and over the years, things break or go missing without anyone being at fault,” says Brian Haran, senior associate attorney at Cona Elder Law in Melville, NY. “But in some cases, items are taken by an opportunistic child or family member.”
In these situations, Haran says it’s important to seek the assistance of an experienced elder law estate administration attorney. “However, it’s crucial to consider whether the money spent chasing down those items is worth the potential return,” Haran warns. “Knowing that someone took some of Mom and Dad’s property and proving they took something are unfortunately two very different matters.”
Do you want certain items to go to specific people?
Make a list of personal items (preferably with pictures of the items) and specify what items should go to whom upon your death. Your heirs will thank you for having the forethought and taking the time to do this. It often also means more that Mom or Dad thoughtfully chose what items might mean more to which child. This will not only prevent squabbles but reduce stress for your heirs.
No matter what, it is better to be specific and put everything in writing with an attorney.
“Families often think they don’t need to go through the legalities because they are family,” says Jesse Gary, an attorney in the estate planning, trust, and probate practice at Isaac Wiles in Columbus, OH. “But it can avoid a lot of issues and ensure everything is aboveboard.”
Based on content by Julie Taylor, Sept 2024
Lorie Kroeger – https://www.grassmuckrealty.com/
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