When it comes to property inheritance disputes, the death of a loved one can send real estate holdings into legal mayhem without proper planning, almost as much as cases that involve a sticky divorce.
Many New York estate planning attorneys have come across a number of complicated property disputes, such as whether a new wife should inherit the home where the first family was raised, or if a home inherited by four siblings should be sold if only one wants to sell it.
What about the daughter who decided to live with and care for her mother, should she be permitted to live in the house after her mother's death?
Some complex cases like these have been being brought to the attention of the public through the property and inheritance disputes of a number of wealthy celebrities, including the late Michael Jackson and Gail Posner. AOL's Daily Finance writes that such cases can offer people many lessons to learn when planning their own estate.
According to Danielle Mayoras, the co-author of the estate planning book called "Trial and Heirs," New York locals may want to consider the following tips if they want to avoid any mistakes or disagreements with their property inheritances:
- Make sure you put your estate planning agreement in writing instead of relying on just verbal agreements.
- Transfer your assets after your create a trust. Do not leave your trust unfunded.
- Prove your competency at the time you create your will, especially "if you are going to do something creative with your assets," says Mayoras.
- Address your possible post-mortem disagreements, such as how your estate should be distributed, while you are still alive.
If you have additional questions and concerns about your estate planning or property inheritances, consider seeking legal counsel from an experienced estate planning lawyer.
- Find A New York Estate Planning Lawyer (FindLaw)
- Inheritance Law and Your Rights (FindLaw)
- Estate Planning: What Is The Best Way For You To Leave Your Assets? (FindLaw's New York Estate Planning Law News Blog)