Efficient Ways to Resolve Fiduciary Disputes
Family disputes can affect one’s mental health, especially when your loved one passes away. Deceased individuals may leave certain assets for their loved ones, but if there are too many members, problems may arise in distributing them equally.
In law, there is a concept called, ‘fiduciary disputes.’ It involves trust, and usually refers to the relationship between a beneficiary and a trustee.
Let’s take the example of sibling disputes. This happens when a parent dies and this is the time when the assets are divided between the siblings. If one of the siblings disputes the matter, it can get expensive and very lengthy. Resolving a conflict like this requires you to be strategic and think clearly.
Here’s an article that highlights the efficient ways to resolve fiduciary disputes. Let’s get started!
Planning Beforehand: The Right Way to Reduce Family Disputes
One of the most crucial steps is to do some serious estate planning right before the estate owner’s demise. The person should prepare a will that outlines the property division plan. If everything is in order and the person prepares a will, families will be able to avoid unnecessary and painful disagreements.
In case the owner of the estate wants to divide his assets unequally then he can mention the reasons to avoid disputes later on.
A trust is something that adds an extra protection layer against death and probate taxes. It helps in positioning all the assets to pass them to the right people after the estate owner’s death.
Did you know that it is easier to change in case the estate owner wishes to change it at the last minute?
Liquidating the Assets
The problem with an estate is calculating the value of the assets. If one person is given the deceased person’s home, it could be more expensive than the items given to the other family members.
This could lead to disputes and problematic scenarios if there is no trust or will. The best way to resolve this issue is to liquidate all the assets and divide them equally. If the parties have no objection to this, there won’t be any dispute.
In case you want the division of the property to be fair and neutral, there is always an option of hiring an estate planning attorney. Fiduciary disputes can be handled by experienced attorneys like Avocat fiduciaire Litvack Dessureault LLP. They understand that family disputes can take a toll on your mental health and that’s why the attorneys fight the case with compassion.
You must hire a compassionate, knowledgeable, and reputed attorney in Canada who understands all the state laws. If you have a good attorney on board, getting an equal or a feasible share would be easier.