Disputes over estates happen no matter how wealthy a family maybe be. Famous actor Robin Williams committed suicide last August, and his family is still discussing how the estate will be divided. The biggest concern is not in the assets, but the cash that will be distributed to his widow.
Experts state that the matter for the Williams family could be much worse if the late actor hadn’t discussed his estate planning wishes with his family. Statistics show that 43% of people that plan to leave an inheritance to their family when they die have not spoken to their heirs about their estate plans.
This is a major issue facing families in America.
In the next 35 years, more than $30 trillion dollars is expected to be passed down to heirs. This is the largest shift in wealth in the history of the United States, and a lot of turmoil will come out of it. A proper estate plan will help alleviate the burden of heirs and families that often go through lengthy court battles with their family members.
Estate planning and updating wills regularly is recommended by experts. Many parents are unsure if they will have money left to pass down after paying for their retirement, but experts state that it’s still a good idea to talk with family members about the estate. Asset distribution should be discussed as well as cash distribution. Experts also recommend telling heirs that getting rid of items is allowed, so family members don’t hold onto items that they don’t need.
Wills are often contested and will lead to families fighting over an estate. Even with the proper planning, families will argue over the distribution of assets. It’s best to discuss your wishes with your family while you’re still alive and have your wishes placed in a will to alleviate the burden placed on your heirs.
The Micklin Law Group, LLC is a New Jersey law firm specializing in family law and estates. Attorney Brad Micklin was recently named to The National Advocates list of Top 100 attorneys from each state. To set up a consultation, call 973-562-0100.