Are you a parent? Do you have more than one child? If so, this blog post will be beneficial to you in the long run.
As an individual, you will gather a lot of wealth and assets in your lifetime. And being a parent, you will want this wealth and assets to go to your children after you pass away. Hence, you have to sit with family lawyers in Barrie Ontario, and develop a plan to divide these assets equally amongst your children.
Why Is It Important to Develop a Plan for Asset Distribution?
Developing a plan for asset distribution will ensure your assets go to your children or any other beneficiaries you decide. This also helps your children avoid the financially and emotionally costly process of probate. Efficient planning will help you avoid inheritance disputes between your children after you are gone. Hence, you must devise a plan for asset distribution now before it’s too late. However, despite your planning, there are a few reasons that can cause inheritance disputes among children.
Reasons for Inheritance Disputes
• Will disputes
So, in your plan, you have decided to create a will detailing your intentions and wishes after your death. However, despite having a will, there can be inheritance disputes among the beneficiaries.
These will disputes arise when beneficiaries start questioning the legitimacy of the will or the ability of the deceased person to make an informed decision. Hence, it is advised to start creating your will now rather than waiting until old age. Also, lawyers practicing family law Barrie suggest you keep your adult children in the loop when creating your will and estate plan. This doesn’t mean you disclose the details but keep them aware that everything is taken care of and will be distributed accordingly.
• Lack of a mediation
If you haven’t mentioned the use of mediation services in your will during distribution, it can give rise to disputes. The lack of a mediator leaves a lot of room for an unjust interpretation of your wishes and intentions among the beneficiaries. This can also lead to an emotionally volatile situation, causing restlessness and strained dynamics among beneficiaries and other family members. Hence, having a mediator can greatly help avoid inheritance disputes in the future. A mediator has the legal and emotional skills to build trust and effective communication between the beneficiaries.
If you are willing to develop a will and estate plan for asset distribution, you can get in touch with us at Owen & Associates Law. Our family law lawyers are proficient and experienced to help you work through inheritance distribution and create careful clauses to avoid disputes. Our team also has other types of lawyers such as the best divorce lawyer in Barrie, estate lawyers, and more. Call us now.
